The cryptocurrency industry seems to be experiencing more unrest daily. With the new addition of the Three Arrows Capital (3AC), the problems seem to be continuously growing.
A very recent update on the Voyage Digital Ltd website shows that its daily withdrawal cap has been lowered from 25,000 USD to 10,000 USD. This happened just after detailing Voyage’s revelation to struggling hedge fund Three Arrows Capital past this week.
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Voyager’s Exposure to Three Arrows Capital
After the company disclosed more than 650 million USD exposure in the faltering Three Arrows Capital on Wednesday, Voyager Shares fell by more than sixty per cent. Voyager’s overall exposure to Three Arrows Capital comprises 350 million USD Coin (USDC) and 15,250 Bitcoin, or almost 310 million USD.
The announcement comes after the business said on Wednesday that its subsidiary could alert Three Arrows Capital Ltd of a default if the Bitcoin hedge fund failed to repay its debt.
In order to get the money back from the hedge fund, Voyager is also talking about legal options, according to the statement. Voyager entered into a revolving line of credit agreement with Alameda Ventures Ltd. earlier this month in an effort to gain access to extra funding to support its customers’ liquidity needs as cryptocurrency prices fall.
Following the announcement, VGX, the native token of Voyager, decreased by 6.8 per cent. The coin may move in the same direction as CEL, which experienced a sharp decline after the Celsius Network stopped accepting withdrawals. The market capitalisation of all cryptocurrencies increased by 3 per cent over the past day, notwithstanding VGX’s decline.
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The Trouble with Three Arrows Capital
An estimated 10 billion USD in assets are managed by Three Arrows Capital, popularly known as 3AC, a Singapore-based cryptocurrency hedge fund. But it’s in trouble, according to officials at numerous companies that are owed money, it is currently in danger of going bankrupt after failing to return many loans totalling hundreds of millions of dollars.
The crypto crisis has caused Three Arrows Capital, along with several other companies in the sector, to struggle. Every coin and token’s price has fallen precipitously, negatively impacting companies with digital assets as liquidity.
Background About Voyager Digital
Voyager Digital, LLC, a US subsidiary of Voyager Digital Ltd., is a cryptocurrency platform that was established with the aim of bringing competition, openness, and cost-effectiveness to the market. With its user-friendly smartphone application, Voyager aimed to provide a safe way to trade more than 100 different crypto assets.
Voyager offers cryptocurrency payment options to customers and merchants worldwide through its subsidiary Coinify ApS. In order to pay the yield produced by consumers who have placed money on the platform, the company needs liquidity.
In the midst of the pessimistic sentiment, Voyager is struggling to gain stability. Alameda Research, owned by Sam Bankman-Fried, agreed to lend the exchange 200 million USD. The CEO of FTX, Sam Bankman-Fried, has been stepping in to help failing crypto companies.
After this outbreak, the business has joined the string group of leading cryptocurrency companies that have declared a halt to withdrawals due to the ongoing bear market. Numerous companies have suspended operations this month alone, claiming severe market conditions, including Babel Finance, Celsius Network, and Finblox.
Current Statistics of Voyager Token price (VGX)
The current market cap of VGX according to CoinMarketcap is at $100.5M with 24Hr Volume of $14.4M. The price of VGX has fallen by -27.8% in the last seven days and -11% in the last seven hours. The current market price is 0.362 USD per VGX and the current circulating supply is 278.4M VGX.
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Source: https://insidebitcoins.com/news/voyager-digital-falls-at-the-daily-withdrawal-cap-to-10000