Crypto brokerage Voyager Digital shares fall as much as 40% after suspending trading, deposits, withdrawals

MarketWatch_Investing-Cryptocurrency · 05 Jul 2022 145 Views

Crypto brokerage Voyager Digital VYGVF, -30.68% shares plummeted as much as 40% after it announced Friday that it has temporarily suspended trading, deposits, withdrawals, and loyalty rewards starting 2 pm Eastern time on Friday. It shares dropped to as low as $0.25 before it rebounded to about $0.33 at market close. The crypto brokerage earlier this week issued a notice of default to Three Arrows, formerly one of the most active crypto hedge funds, after it defaulted on a loan to Voyager of about $666.7 million, including 15,250 BTC, or about $297 million based on bitcoin's recent price, and $350 million USDC. Voyager said it has engaged Moelis & Company as a financial advisor, and that has been in discussions with advisors to Three Arrows regarding potential legal remedies.

 

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