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Cryptocurrency: Voyager Digital crypto broker files for bankruptcy
Voyager Digital is a crypto company that helps people find the best prices for cryptocurrencies that they want to buy or sell through its broking services. Its business thrived well, but as the value of crypto continues to fall sharply in recent months, the company has become another casualty in the cryptocurrency sector.
According to Reuters, Voyager Digital has filed for bankruptcy despite its boom at the height of the COVID-19 pandemic period. This was the time when people got into cryptocurrency, and crypto firms have grown after drawing depositors due to high-interest rate offerings in addition to easy access to loans that are rarely offered by traditional banks.
However, the sudden slump in crypto markets has led to the collapse of major digital tokens, and this has hurt many crypto brokers and lenders such as Voyager Digital. In fact, many of these companies have halted their operations by freezing withdrawals and even deposits.
Many have also hired advisers for the possible bankruptcy filing, and unfortunately, Voyager Digital is one of the companies that did this. It frozen withdrawals this month after Singapore's Vauld crypto lender did the same earlier.
"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," Stephen Ehrlich, Voyager Digital's chief executive officer, said in a statement.
The company filed for Chapter 11 bankruptcy on Tuesday this week and it was estimated to have more than 100,000 creditors and assets worth between $1 billion and $10 billion. Its liabilities are of the same value as well.
Voyager Digital's Chapter 11 bankruptcy will halt all civil litigation matters involving the company and allow it to prepare for turnaround plans or restructuring while continuing to operate. Ehrlich also confirmed that the process will protect assets and maximize value for all stakeholders, especially the customers.
Meanwhile, CoinDesk reported that with its bankruptcy filing, Voyager Digital is facing delisting from the Toronto Stock Exchange. At this time, its shares have been suspended from trading in Toronto while the TSE launches a review to see if the company still meets the requirements for listing.