Bitcoin-Related Voyager Digital Shares Plunge After Market Update – Read Why

Voyager Digital LLC, the operating platform of Voyager Digital Ltd. VOYG VYGVF, temporarily suspends trading, deposits, withdrawals, and loyalty rewards, effective July 1, 2022, at 2:00 p.m. Eastern Daylight Time.

"This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, Chief Executive Officer of Voyager.

"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. We will provide additional information at the appropriate time," Ehrlich added.

Related: Bitcoin-Related Voyager Digital Issues Default Notice To Three Arrows Capital

Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.

Also Read: Crypto Broker Voyager Digital Secures $485M Loan From Bankman-Fried's Alameda

Voyager provided financial and balance sheet updates: As of June 30, 2022, Voyager held $685.37 thousand in Crypto assets, $1.12 billion under Crypto assets loaned (including $350 million of USDC and 15,250 BTC loaned to Three Arrows Capital), $355.725 million under Cash held for customers, and $168.69 million under Crypto collateral received/ held.

Price Action: VYGVF shares are trading lower by 22.70% at $0.34 on the last check Friday.