Cryptocurrency Platform Voyager Digital Temporarily Suspends Trading, Other Functions

By Denny Jacob

 

Voyager Digital LLC, the operating platform of Toronto-listed Voyager Digital Ltd., said Friday it is temporarily suspending trading, deposits, withdrawals and loyalty rewards, effective 2 p.m. EDT.

Chief Executive Stephen Ehrlich said in prepared remarks that the difficult decision will give the cryptocurrency company time to continue exploring strategic alternatives with various interested parties.

The news comes days after the crypto broker said that it issued a notice of default to hedge fund Three Arrows Capital Ltd. Three Arrows had borrowed $675 million from Voyager Digital in the form of 15,250 bitcoin and $350 million in USD Coin, a stablecoin whose value is pegged to the dollar.

Voyager said it is actively pursuing all available remedies for recovery. A British Virgin Islands court on Wednesday ordered the liquidation of Three Arrows Capital Ltd. after creditors sued for failure to repay debts.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

July 01, 2022 15:29 ET (19:29 GMT)

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