Cryptocurrency broker Voyager Digital has suspended trading and withdrawals. The incident raised concerns that this is a new LUNA case. After the news was learned in the market, the price of the altcoin began to decline while the other cryptocurrencies were mostly green.
A new LUNA case? The price of the altcoin has dropped!
cryptocurrency.comAs you can follow from, the cryptocurrency market is going through very tough days. In this environment, some altcoin projects such as LUNA are disappearing into the pages of history. The harsh winter and tough conditions in the cryptocurrency market are driving projects to make tough decisions. The LUNA event had a strong impact on the market. Now, investors have also started looking at new developments.
Finally, cryptocurrency broker Voyager announced that it will temporarily suspend user transactions. Amid a deep meltdown in the cryptocurrency markets, Voyager Digital Ltd. temporarily suspended trading, deposits and withdrawals due to difficult market conditions. The impact of the news manifested itself in the price of the altcoin as the market tried to recover. The price of the Voyager Token (VGX) fell 7% on a daily basis to $ 0.2742, according to data from CoinMarketCap at press time.
The suspension started at 14:00. It also applies to its loyalty rewards program in New York, Voyager said Friday. Voyager CEO Stephen Ehrlich made the following statement on the subject:
This was an extremely difficult decision. However, we believe it was the right decision given the current market conditions. This decision will preserve the value of the Voyager platform. It will also give us more time to continue exploring strategic alternatives with various stakeholders.
Voyager shares also hit hard after the suspension
Voyager, based in New York, offers products for cryptocurrency trading, staking and yield. Voyager is among the companies that have taken a hard hit from Three Arrows Capital Ltd’s falling liquidity. It had previously received a line of credit from Sam Bankman-Fried’s trading company Alameda Research.
Voyager dropped up to 43% in the US Sea following the news. This has made it one of the worst performing crypto stocks. Shares on the company’s major stock exchange in Canada were not traded on Friday due to Canada Day holidays.
Last month, Voyager issued a default notice on a loan worth approximately $ 675 million to Three Arrows Capital. She is actively seeking the rescue of her troubled cryptocurrency hedge fund, including a court-ordered liquidation process in the British Virgin Islands. Moeli & Co. and Consello Group as financial advisors and Kirkland & Ellis LLP as legal advisors.
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