• Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
Trending
  • Canada’s Insured Catastrophe Losses Exceed C$2 Billion in 2021: CatIQ
  • LIC Could Begin Issuing Public Shares for India’s Biggest IPO by Mid-March: Sources
  • Christmas Tree Fire Caused Philadelphia Blaze That Killed 12 Relatives, Say Officials
  • Workplace Class Action Payouts Unexpectedly Grew During Pandemic in 2021
  • Delta Airlines, Marks & Spencer surprise winners amid omicron
  • Jamey Schoenhard Promoted to VP, Underwriter of Specialty Property Program Team at Breckenridge Insurance
  • Vic Bernardi Insurance and The Insurance Center
  • As Natural Snowfalls Fade, Athletes Face More Falls With Manmade Snow
MERDEKA MERDEKA
  • Investment
  • Insurance
  • Finance
  • Internet
  • Technology
  • 200Mbps
MERDEKA MERDEKA
You are at:Home » Voyager Digital Files for Bankruptcy as Digital Assets Collapse
Voyager Digital Files for Bankruptcy as Digital Assets Collapse

Voyager Digital Files for Bankruptcy as Digital Assets Collapse

0
By admin on July 6, 2022 Investment

What’s Voyager Digital?

Voyager Digital Ltd (OTC: VYGVF) is a digital asset brokerage that facilitated the buying and selling of over 100 crypto belongings and provided crypto fee options to each clients and retailers. Final week the corporate paused all withdrawals, buying and selling, and deposits on its platform, citing the present market circumstances following steps taken by Celsius, Babbel Finance, and Vauld.

The corporate filed for Chapter 11 bankruptcy safety late on Tuesday. This was regardless of a rescue mortgage final month from a buying and selling agency managed by FTX founder Sam Bankman-Fried. Within the submitting, the corporate claims it has over 100,000 collectors and liabilities between $1 billion and $10 billion. Its belongings embody $110 million of money and “owned crypto belongings” available and an additional $1.3 billion in crypto belongings on its platform.

Why did Voyager Digital enter chapter?

Voyager Digital is the newest casualty of the collapse in crypto costs that has sparked a extreme disaster within the digital belongings market. For the reason that starting of the yr, Bitcoin and Etherium have skilled large value declines of 57.9% and 69.8%, respectively. Gross sales of NFTs have additionally collapsed from a peak of $12.6 billion in January to simply over $1 billion in June. The chapter submitting got here one week after crypto hedge fund Three Arrows Capital collapsed. This triggered a contagion affecting Voyager Digital, to whom the hedge fund owed $650 million. 

What is going to occur subsequent?

Voyager Digital goals to repay clients with crypto belongings, proceeds from the Three Arrows chapter, firm shares when it returns from insolvency, and “Voyager tokens”. Nonetheless, that is topic to court docket approval. It additionally holds $350 million of shoppers’ money in U.S. greenback deposits at Metropolitan Business Financial institution. 

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleThe Benefits of Having an IT and Cybersecurity Strategy • Merdeka
Next Article Why Are Investors Worried By Treasury Yields?
admin
  • Website

Related Posts

Delta Airlines, Marks & Spencer surprise winners amid omicron

Is Delta’s Positive Quarter Good News For Airline Stocks?

Apple Aims For a Home Run with New Live Streaming Deal

Leave A Reply Cancel Reply

YOU MAY INTEREST
January 25, 2022

Wildfire on California Coast Now 45% Contained

April 18, 2022

Louisiana Proposes Fines Against 5 Insurers for Alleged Improper Activity After 2020 Storms

July 26, 2022

11 Reasons for Unhappy Employees and How to Resolve Them • Merdeka

February 18, 2022

2 Top Stocks That Could Realistically Acquire Peloton

October 13, 2022

Canada’s Insurers and Banks Rethink Return-to-Office Plans Amid Omicron Concerns

Copyright © 2022 Merdeka
  • About
  • Contact
  • Sitemap
  • Disclaimer
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.

Next Up
Why Are Investors Worried By Treasury Yields?

What are Treasury notes? Treasury notes are securities that pay a hard and fast rate of interest each six months…

Previous
The Benefits of Having an IT and Cybersecurity Strategy • Merdeka

If your enterprise is but to arrange a complete IT and cybersecurity technique, now could be the time to take…

Random
Los Angeles County Sues Warehouse Owner Over Gas Stench

  Los Angeles County introduced it's suing tenants and property homeowners of a warehouse the place a fireplace launched illegally…