It has a significant investment in Singapore-based hedging funds, which failed to make payments with a loan of 15,250 Bitcoin and $ 350 million USDC-which made a loan worth more than $ 650 million.
“Comprehensive reorganization is the best way to protect assets on the platform and maximize the value for all stakeholders, including customers,” said Stephen Ehrlich, CEO of Voyager.Prolonged volatility and transmission in the Crypto market over the past few months, and “Default Three Capital Arrows with loans from subsidiaries, Voyager Digital, require us to take intentional and firm action now,” he said in a statement.
Earlier this week, Voyager suspended all trade, deposits, withdrawals and rewards of loyalty on his platform.Voyager has around $ 1.3 billion Crypto assets on the platform and more than $ 350 million in cash for customers.The proposed reorganization plan “reflects on opportunities for customers to choose the proportion of general equity and crypto they will receive, subject to a certain maximum threshold,” said the company.
The company says it has more than $ 110 million in cash and has existing crypto assets, which will provide liquidity to support daily operations.Voyager said they actively pursue all solutions available for recovery from 3AC.
Development came as a popular crypto token such as Bitcoin and Ethereum which was removed nearly 70 percent of the highest record in the midst of economic destruction.Singapore’s monetary authorities last week slammed three arrows for providing false information and violating assets under the threshold of management.The Mega Fund, which was founded by Credit Suisse traders Zhu Su and Kyle Davies, had managed around $ 10 billion in assets.
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