Voyager Digital went into effect immediately and suspended all activities, including transactions, deposits, withdrawals and rewards.Company’s Stock price The native token VGX decreased by 9%, although it decreased by 38% in response to the news.
Trading on the platform is currently unavailable, but over 25% of VGX trading volume is generated on Binance. At the time of writing, tokens can still be traded on Binance, Coinbase, FTX and more.
Voyager recently received $ 200 million and 15,000 BTC from Alameda Research to stabilize liquidity and cover its exposure to Three Arrows Capital. The transaction acquired FTX CEO Sam Bankman-Fried with 11% ownership of Voyager Digital.
The average SBF share price at the time of submission of SEPA on June 17 was $ 2.34, but the current share price is below $ 0.40. However, according to a document filed on June 23, Alameda Ventures abandoned 4.5 million shares and reduced ownership to less than 10%.
Voyager’s decision to suspend trading warns investors following a series of recent problems facing exchanges.In a press release issued on Friday, Voyager’s CEO Stephen Erich,publication
“This was a very difficult decision, but I believe it is the right decision given the current market conditions. This decision will preserve the value of the Voyager platform we built together with various stakeholders. And will be given additional time to continue exploring strategic alternatives. We will provide additional information at the right time. “
In the act of full transparency required by Canadian law, Voyager has posted details of the balance sheet as of June 30.
Cryptocurrency Assets – $ 685,373,000
Cryptocurrency rented – $ 1,124,825,000
Cash on behalf of our customers – $ 355,725,000
Cryptographic collateral received / held – $ 168,685,000
To “support the search for strategic alternatives,” Voyager has hired Moelis & Company and Consello Group as financial advisors and Kirkland & Ellis LLP as legal advisors. Additional support may be used to determine if the business is still commercially viable.
Unlike other exchanges such as Celsius and BlockFi, Voyager is a publicly tradeable company in Canada. Therefore, it is the fiduciary duty to release up-to-date information on factors that may affect an investor’s holdings in a timely manner. Shares have recovered slightly after falling 38% and are trading at $ 0.31 at the time of the press.
