After suspending withdrawals… Voyager files for bankruptcy
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Answer After suspending withdrawals… Voyager files for bankruptcy
Cryptocurrency broker Voyager Digital Ltd and its two subsidiaries (Voyager Digital LLC and Voyager Digital Holdings) have filed for Chapter 11 bankruptcy in the Southern District of New York.
The move comes a few days after the company suspended trading, deposit and withdrawal operations on its platform.
Voyager Digital has become the latest cryptocurrency company to file for bankruptcy.
According to the petition and the request, the company seeks to develop a financial plan that can solve its problems with debts and creditors and enable it to restructure its operations.
Voyager Digital CEO Stephen Ehrlich stated that Chapter 11 bankruptcy is intended to give users extra protection and secure their assets.
Additionally, the CEO raised hopes that this endeavor would provide Voyager with the effective and fair mechanism needed to deal with challenges.
He also informed that customers who have cryptocurrencies in their accounts will, in return, receive a set of cryptocurrencies, common shares in the newly reorganized company, Voyager’s cryptocurrency will also be distributed, and Three Arrows Capital redemption proceeds.
Last week, the company halted transactions, withdrawals, and loyalty rewards on its platform, citing current negative market conditions.
Read:Report: More Liquidations Still Before Cryptocurrency Prices Recover
The company revealed that these jobs remain temporarily suspended.
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