Cryptocurrency broker Voyager Digital has suspended trading, deposits, withdrawals and loyalty rewards, citing "current market conditions" after Three Arrows Capital (3AC) failed to repay over 15,250 BTC and $350 million in USDC.
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The company said in a press release that it is still "actively pursuing all available remedies" for recovery from 3AC. Voyager CEO, Stephen Ehrlich, said that the " tremendously difficult decision" 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."
Voyager also added that it has engaged with Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisors for its further "strategic alternatives."
The move comes as a court in the British Virgin Islands ordered consulting and advisory firm Teneo to handle the insolvency of the hedge fund.
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