Voyager is looking for strategic alternatives” after a break during the returns

Voyager is looking for strategic alternatives” after a break during the returns

The crypto loan Voyager is the youngest company that was captured by the contagion of the market, which was triggered by the downfall of Three Arrows Capital (3AC) and the continued liquidity crisis, some of which are affected by the biggest names of crypto.

In a letter to the user The lender announced that he was trading, payments and loyalty premiums on his platform exposed to gaining time while he is looking for "strategic alternatives".

Blockworks has tried to contact Voyager to understand the risk of a further decline in crypto prices and to understand what his "strategic alternatives" could allude to, has not yet received an answer. It is a U -turn of his latest explanation last week when Voyager said that it continues to operate and meet customer orders and withdrawals.

In a Tweet-Thread The lender announced that he currently holds crypto-assets worth around $ 1.3 billion on its platform, in addition to claims of more than $ 650 million compared to $ 3ac. Voyager also said that there is more than $ 350 million in cash at the New York Metropolitan Commercial Bank.

"[Federal Deposit Insurance Corporation] The insurance does not protect against the failure of Voyager, actions or omissions from Voyager or his employees or the loss of value of cryptocurrency or other assets," said the bank in a Statement on Sunday. "The standard amount of the FDIC insurance is currently $ 250,000 per insert and account."

Several companies continue to be annoyed under unsavory market conditions, which were favored by revelations that 3AC went into liquidation last week after a court decision of the British Virgin Islands. The company based in Singapore reported bankruptcy on Friday in accordance with Chapter 15, while the founders Kyle Davies and Zhu SU did not find them, according to the law firm, which 3ac in New York represented.

The crypto loan Babel Finance-which is supposedly the next domino, the victim of "insolvency or payment failure"-has hired the US investment bank Houlihan Lokey after Babel took a break last month. Celsius, another large competitive lender, opposes the calls of his lawyers to register bankruptcy in accordance with Chapter 11, while trying to cope with his own headache after freezing the withdrawals on June 12th.

"The investment thesis of 3AC could easily be described than 'get in, take out loans, hype and hope'," said Anna Beck, CEO of the AI ​​trading platform Endotech, Blockworks in an email. "You have set half fraudsters like Terra and took risky loans from other organizations (some of which have now registered bankrupt), everything with the painting of a hedge fund based on theses. 3ac is the worst among crypto investments and is another reason why crypto investors are shaken."

Like the other lenders in the industry, Voyager enables users to act crypto-assets and achieve a return of up to 12 %. A stop of the decrease in the listed company follows after other lenders were unable to pay these returns due to a lack of industry capital and liquidity.

While no final time frame for the cancellation of the restrictions was given, Voyager said on Saturday that it "quickly" worked to restore the services and will provide an update as soon as it is available.

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The article Voyager Seeks 'Strategic Alternatives' Following Pause to with -Rawals is not a financial advice.