Crypto lender Voyager Digital said on Friday it has suspended withdrawals, trading and deposits to its platform andsaid it is exploring strategic alternatives to preserve the value of its platform.
The move comes days after the company issued a default notice to embattled hedge fund Three Arrows Capital for the fund's failure to make required payments on a loan.
In a statement, Voyager Chief Executive Stephen Ehrlich said the move gives the company "additional time to continue exploring strategic alternatives with various interested parties" while preserving the value of the platform.and the Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisors "to support is exploration of strategic alternatives."
On June 22, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, gaining access to additional capital to meet its customers' liquidity needs as crypto prices take a hit. In a release, New Jersey-based Voyager said the value of the crypto assets it holds is $685 million, compared with the more than $1.12 billion in crypto assets it had loaned.
Voyager said it had lent $350 million and 15,250 bitcoins to 3AC. A person familiar with the matter told Reuters on Wednesday that 3AC has entered liquidation.
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