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Voyager Digital Shares Continue Plunge After Suspending Trade on Its Platform

By Adriano Marchese

 

Shares in embattled Crypto exchange platform Voyager Digital Ltd. fell in early trading on Monday after the company temporarily suspended trading, deposits, withdrawals and loyalty rewards as it scrambles pursue Three Arrows Capital for what it is owed.

At 9:46 a.m. ET shares were trading 27% lower at $0.42 Canadian dollars (33 U.S. cents). Since the beginning of the year, its price has been battered by its exposure to 3AC and a hard-hit cryptocurrency space.

On Friday, while Canadian markets were closed for Canada Day, the company warned that it would temporarily suspend the features to preserve the value of the platform while it continued to look for strategic alternatives with various interested parties.

On Wednesday, Voyager issued a notice of default to crypto hedge fund Three Arrows Capital after it failed to repay a loan of 15,250 bitcoin and $350 million in USD Coin, a stablecoin whose value is pegged to the dollar.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

July 04, 2022 10:27 ET (14:27 GMT)

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