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‘Focused on Protecting Assets,’ Says Voyager Amid Transaction Freeze

Cryptocurrency Jul 04, 2022 07:00AM ET
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© Reuters ‘Focused on Protecting Assets,’ Says Voyager Amid Transaction Freeze

  • Voyager states that it will protect the assets of all customers.
  • The crypto brokerage firm had suspended withdrawals on Friday.
  • Ever since 3AC’s fall, Voyager has been in hot water.

Crypto broker firm Voyager announces that they are focused on protecting assets and maximizing value for all customers. This comes on the heels of the company’s official decision to suspend withdrawals on Friday. The crisis is believed to have emerged from 3AC’s issues.

“Voyagers, There is nothing more critical to us than our customers. Please know that we are focused on protecting assets and maximizing value for all customers as quickly as possible,” reads a Tweet posted by Voyager on its official Twitter (NYSE:TWTR) account.

The firm states it currently has approximately $1.3 billion of crypto assets on the platform, plus claims against Three Arrows Capital of more than $650 million. They also declare that they have over $350 million of cash at Metropolitan Commercial Bank.

“We are doing everything in our power to best serve our customers for the long term,” says representatives of the brokerage firm. “We are actively pursuing a series of strategic alternatives to do just that. Will share more updates as we have them.”

Earlier last week, Voyager took out a $75 million loan from an Alameda Research-issued credit line to process limited withdrawals.

Voyager has also issued a notice of default to Three Arrows Capital (3AC) on a loan worth $675 million. This notice was issued following 3AC’s failure to meet the loan deadline. The companies have now entered into a legal battle.

Ever since the market crash, crypto firms have been falling like a house of cards. First to collapse was Celsius, followed by 3AC and Babel Finance. Although the fall of these companies is tragic, it isn’t surprising considering their interconnectedness.

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‘Focused on Protecting Assets,’ Says Voyager Amid Transaction Freeze
 

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AD Parrot
AD Parrot Jul 04, 2022 11:34AM ET
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So, if they have 350 million in real cash, why do they need to borrow a paltry 75 million to cover withdrawals? It sounds as if all clients have already lost their money, they just haven't been told yet.
 
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