La criptoempresa Voyager suspende temporalmente los retiros, depósitos y operaciones
Voyager Digital today announced it had suspended trading, deposits, withdrawals, and loyalty rewards on its platform.
Voyager Suspends Crypto Trading and Withdrawal
In an announcement made today, crypto company Voyager Digital stated that it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards” as of 2 p.m. ET on Friday.
Commenting on the development, Stephen Ehrlich, Chief Executive Officer of Voyager, said:
“Esta fue una decisión tremendamente difícil, pero creemos que es la correcta dadas las condiciones actuales del mercado. Esta decisión nos da tiempo adicional para continuar explorando alternativas estratégicas con varias partes interesadas mientras preservamos el valor de la plataforma Voyager que hemos construido juntos. Proporcionaremos información adicional en el momento apropiado”.
The move hardly comes as a surprise as just a few days back, Voyager issued a notice of default the beleaguered crypto hedge fund Three Arrows Capital (3AC) due to the latter’s inability to repay a $650 million loan, primarily denominated in bitcoin (BTC) and USDC.
Currently, Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
In a bid to expedite the process, Voyager had taken the services of Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis as legal advisors.
Voyager also released financial and balance sheet updates in accordance with the requirements of Canadian Securities Laws. Notably, the balance sheet includes $350 million of USDC and 15,250 BTC loaned to 3AC. Further, the balance sheet update shows that Voyager holds $355.72 million in cash held for customers and $168 million in crypto collateral received/held.
3AC Contagion Sends Shockwaves Across the Market
Once one of the largest crypto hedge funds with assets under management (AUM) worth more than $10 billion at the peak of the crypto bull market, 3AC has had a spectacular fall from the top.
Speculations started to boil about 3AC’s financial health shortly after the Terra (LUNA) ecosystem went bust after its UST stablecoin de-pegged from the USD. The collapse of the Terra ecosystem caused additional problems for the crypto market which was already under significant distress due to regulatory and macroeconomic headwinds.
As a result, bitcoin tumbled below $18,000 and likely liquidated 3AC’s remaining active positions.
On June 29, crypto.news reported that 3AC had received an order to liquidate its assets to honor its payables. According to Sky News el miércoles (29 de junio de 2022), un tribunal de las Islas Vírgenes Británicas ordenó la liquidación de Three Arrows Capital. Si bien las implicaciones de la liquidación para los acreedores de la empresa no están claras, se informa que la importante firma de asesoría Teneo está manejando la insolvencia de 3AC.
Similarly, yesterday the Monetary Authority of Singapore (MAS) said the struggling crypto hedge fund not only provided false information but also managed more assets than was required.
The official notice reads in part:
“A la luz de los acontecimientos recientes que ponen en duda la solvencia del fondo administrado por TAC, MAS está evaluando si hubo más incumplimientos por parte de TAC de las regulaciones de MAS”.
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