{"id":21611,"date":"2022-07-02T06:27:34","date_gmt":"2022-07-02T06:27:34","guid":{"rendered":"http:\/\/egrowonline.com\/?p=21611"},"modified":"2022-07-02T06:27:34","modified_gmt":"2022-07-02T06:27:34","slug":"crypto-broker-voyager-suspends-withdrawals-and-trading-after-3acs-loan-default","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=21611","title":{"rendered":"Crypto Broker Voyager Suspends Withdrawals and Trading After 3AC\u2019s Loan Default"},"content":{"rendered":"


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Voyager, a crypto broker, has suspended withdrawals, trading, deposits and loyalty rewards from its app following Three Arrows Capital\u2019s default on its loan.\u00a0<\/p>\n

The company made the announcement<\/a> on July 1, nine days after it called for Three Arrows Capital, the $10B troubled crypto hedge fund, to pay back a $658M debt<\/a>.<\/p>\n

\u201cWe have taken steps to avoid this outcome,\u201d Stephen Ehrlich, CEO at Voyager tweeted<\/a>, \u201cbut the failure of a borrower, Three Arrows Capital, to repay a substantial loan from us makes this the right path forward.\u201d\u00a0<\/p>\n

Ehrlich went on to say that the decision will give the company time to strengthen its balance sheet.<\/p>\n

Voyager said in an unaudited balance sheet update presented as part of its press release, that it has loaned assets worth over $1.1B, a figure that includes the loan to 3AC, while it holds $685M of assets, $355M of customers\u2019 cash, and $168M of crypto collateral.<\/p>\n

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\"\"Voyager\u2019s Unaudited Balance Sheet. Source: PR Newswire<\/em><\/figure>\n<\/div>\n

When a company freezes withdrawals, it generally means it does not have enough liquid capital to meet demand. As the crypto market slumps deeper into a bear market, traders continue to sell tokens and withdraw assets from crypto platforms.\u00a0<\/p>\n

Voyager\u2019s decision to freeze assets reinforces a theme which has become clear over the past month as the effects of Three Arrows Capital\u2019s fall continue to ripple in the ecosystem \u2013 users don\u2019t have control over assets held in centralized finance.\u00a0<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Voyager, a crypto broker, has suspended withdrawals, trading, deposits and loyalty rewards from its app following Three Arrows Capital\u2019s default on its loan.\u00a0 The company made the announcement on July 1, nine days after it called for Three Arrows Capital, the $10B troubled crypto hedge fund, to pay back a $658M debt. \u201cWe have taken […]<\/p>\n","protected":false},"author":1,"featured_media":21612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[9460,9459,62,9461,6179,5175,723,7597,398],"class_list":["post-21611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-3acs","tag-broker","tag-crypto","tag-default","tag-loan","tag-suspends","tag-trading","tag-voyager","tag-withdrawals"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/VoyagerPaused.jpegnocache1.jpeg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21611"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21611\/revisions"}],"predecessor-version":[{"id":21613,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21611\/revisions\/21613"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/21612"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21611"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}