TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals – Bitcoin News

After the TSX-listed Voyager Digital revealed that it was owed $655 million from Three Arrows Capital (3AC), the company secured a $500 million credit line from Alameda Ventures in order to “safeguard customer assets.” Five days later on July 1, Voyager announced the crypto company was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.”

Another Crypto Firm Freezes Withdrawals, Voyager CEO Says ‘It Was a Tremendously Difficult Decision’

• The embattled digital currency firm Voyager Digital (OTCMKTS: VYGVF) announced a temporary withdrawal and deposit pause on Friday, according to a recent press release. Voyager explained that it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards, effective at 2:00 p.m. Eastern Daylight Time today.”
• “This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” Stephen Ehrlich, the chief executive officer at Voyager said in a statement.
• VYGVF shares plummeted to $0.29 per share after the previous close at $0.44 per share on Thursday. Shares have lost 99% since the stock’s all-time high at $27.39 per share on April 1, 2021.

• “This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together,” Ehrlich added. “We will provide additional information at the appropriate time.”
• In addition to the update concerning deposits, withdrawals and loyalty rewards, Voyager summarized 3AC’s debt to the company. “Voyager also provided the following financial and balance sheet updates, per requirements of Canadian securities laws,” the company explained.
• Just last week, Voyager opened a credit line with Alameda Ventures and said it secured a revolving $500 million line of credit from the firm. The announcement came after Voyager revealed that it was owed $655 million in the form of bitcoin (BTC) and the stablecoin usd coin (USDC).
• Furthermore, Voyager has also disclosed that it is working with Kirkland & Ellis LLP for legal assistance and Moelis & Company and The Consello Group for financial advice.
• Voyager’s withdrawal pause follows the suspension of withdrawals the crypto lender Celsius initiated weeks ago. Celsius has yet to update the community concerning the company’s official plans…