Voyager solicită faliment în zilele după înghețarea retragerilor

Less than a week after suspending trading and withdrawals on its network, Voyager Digital filed for Chapter 11 bankruptcy on Wednesday.

petiţie, filed in the Southern District of New York, shows Voyager has more than 100,000 creditors. The Toronto-based firm listed between $1 billion to $10 billion in estimated cryptoassets, and the same range for its liabilities. 

Quant crypto trading firm Alameda Research is listed as its biggest creditor, holding unsecured loans worth $75 million.

Voyager’s announcement comes days after crypto hedge fund Three Arrows Capital (3AC) — which owes Voyager millions — filed for Capitolul 11 faliment sâmbătă.

“While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” CEO Stephen Ehrlich said in a declaraţie. 

„Procesul din capitolul 11 ​​oferă un mecanism eficient și echitabil pentru a maximiza recuperarea”, a adăugat el.

Chapter 11 bankruptcy allows a company to reorganize its assets and debts while staying in business. Companies opting for this process must keep creditors’ interests in mind.

Într-o tweet, Ehrlich said Voyager customers having crypto in their accounts will receive a mix of their cryptoassets, proceeds from the 3AC recovery, common shares in the newly-reorganized firm and Voyager tokens.

Exposure to Three Arrows Capital

Voyager flagged signs of distress when it sought to recover about $657 million allegedly loaned to 3AC. Its exposure to the hedge fund consisted of 15,250 BTC ($307 million) and $350 million in cash. Voyager asked for the repayment to be made by June 27, failing which it would constitute an event of default. 

3AC’s move to file for bankruptcy suggests the repayment wasn’t made. The whereabouts of co-founders Zhu Su and Kyle Davies aren’t known.

Last month, Voyager secured $ 500 de milioane de in loans from Alameda Research in a bid to safeguard customer assets. A company spokesperson told Blockworks at the time that speculation about the firm being insolvent was “unequivocally false.” 

Pe 1 iulie, Voyager tranzacționare suspendată, deposits, withdrawals and loyalty rewards while seeking “strategic alternatives.” Trading remains suspended at this time.

Voyager’s token VGX is down 92% so far this year, and has fallen 74% in the last month alone to $0.23, data from Cercetarea blocurilor shows. The company’s stock price is down 98% in the year-to-date, and last traded at $0.35 Canadian dollars ($0.27), according to TradingView.

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Mesaj Voyager solicită faliment în zilele după înghețarea retragerilor a apărut în primul rând pe Blocuri.

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• Source: https://blockworks.co/voyager-files-for-bankruptcy-days-after-freezing-withdrawals/