These companies do nothing except that they rotate loans as they take the currencies from the user and give codes to start the purposes of those currencies to other institutions with better returns, so that these institutions carry out their purposes for others and so the circle continues.
When the currencies begin to decline, then problems occur, and if the company has a sound financial model, they will have hedge for these scenarios, but they are models for quick profit.
A lot of these platforms are connected to each other so this will not be the last story and we will hear more soon.
Topic: Crypto Firm Voyager Temporarily Suspends Withdrawals, Deposits, and Trading !!! - page 2. (Read 174 times)
July 03, 2022, 01:44:08 PM
July 03, 2022, 10:52:07 AM
Voyager Digital today announced it had suspended trading, deposits, withdrawals, and loyalty rewards on its platform.
Voyager Suspends Crypto Trading and Withdrawal
In an announcement made today, crypto company Voyager Digital stated that it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards” as of 2 p.m. ET on Friday.
Commenting on the development, Stephen Ehrlich, Chief Executive Officer of Voyager, said:
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions. 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.”
The move hardly comes as a surprise as just a few days back, Voyager issued a notice of default the beleaguered crypto hedge fund Three Arrows Capital (3AC) due to the latter’s inability to repay a $650 million loan, primarily denominated in bitcoin (BTC) and USDC.
Currently, Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
In a bid to expedite the process, Voyager had taken the services of Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis as legal advisors.
Voyager also released financial and balance sheet updates in accordance with the requirements of Canadian Securities Laws. Notably, the balance sheet includes $350 million of USDC and 15,250 BTC loaned to 3AC. Further, the balance sheet update shows that Voyager holds $355.72 million in cash held for customers and $168 million in crypto collateral received/held.
Details:
https://crypto.news/crypto-firm-voyager-suspends-withdrawals-deposits-trading/
Voyager Suspends Crypto Trading and Withdrawal
In an announcement made today, crypto company Voyager Digital stated that it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards” as of 2 p.m. ET on Friday.
Commenting on the development, Stephen Ehrlich, Chief Executive Officer of Voyager, said:
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions. 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.”
The move hardly comes as a surprise as just a few days back, Voyager issued a notice of default the beleaguered crypto hedge fund Three Arrows Capital (3AC) due to the latter’s inability to repay a $650 million loan, primarily denominated in bitcoin (BTC) and USDC.
Currently, Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
In a bid to expedite the process, Voyager had taken the services of Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis as legal advisors.
Voyager also released financial and balance sheet updates in accordance with the requirements of Canadian Securities Laws. Notably, the balance sheet includes $350 million of USDC and 15,250 BTC loaned to 3AC. Further, the balance sheet update shows that Voyager holds $355.72 million in cash held for customers and $168 million in crypto collateral received/held.
Details:
https://crypto.news/crypto-firm-voyager-suspends-withdrawals-deposits-trading/
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