Crypto lener Voyager suspends withdrawals

0
37

Traveler

The crypto lender was caught in the collapse of 3AC. 3AC had a loan of 15,250 BTC and $ 350 million USDC. Voyager says it is “dealing with all available resources for recovery” but 3AC is in bankruptcy, so that will be a long wait.

“This was a very difficult decision, but we believe it is the right one given the current market conditions,” said Stephen Ehrlich, CEO of Voyager. “This decision gives us additional time to continue exploring strategic alternatives with various stakeholders while preserving the value of the Voyager platform we have built together. We will provide additional information in due course.”

The firm hired Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisers.

Moelis specializes in M&A and restructuring.

The market did not expect much from Voyager. The stock is not trading today due to a holiday in Canada, but it has been a sharp drop since before the collapse of 3AC.

Stock of Voyager

The company entered into a final agreement with Alameda for $ 200 million in cash and USDC revolver and 15,000 BTC revolver on June 17.

On June 14, it said:

Voyager differentiates itself by a simple, low-risk approach to lending and asset management by working with a select group of reputable counterparties, which are all overseen by extensive due diligence by its Risk Board.

It’s hard for a crypto to find any bottom until we get all the bad news. Things like this make crypto investors want to pull their finances.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here