US crypto platform Voyager Digital suspends all trading, deposits and withdrawals
New York-based crypto platform Voyager Digital LLC has announced that it has temporarily suspended trading, deposits, withdrawals and loyalty rewards.
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” says Stephen Ehrlich, CEO 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,” he adds.
Founded in 2018, Voyager Digital LLC is the US subsidiary of Voyager Digital Ltd. It operates a cryptocurrency platform allowing American users to trade over 100 different crypto assets through its mobile app.
Voyager Digital LLC previously issued a notice of default to Three Arrows Capital (3AC) for failure to make the required payments on its previously disclosed loan of 15,250 Bitcoin (BTC) and $350 million worth of USD Coin (USDC).
“Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands,” the firm says.
It adds that to support its exploration of strategic alternatives, the company has engaged Moelis and Company and The Consello Group as financial advisors and Kirkland and Ellis LLP as legal advisors.