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Last week, Voyager Digital suspended all trading, deposits and withdrawals from its platform, citing market conditions and a notice of default it issued 3AC. The firm said that, through the reorganization plan, customers with crypto in their accounts would receive some combination of crypto, common shares in the newly reorganized Company, Voyager tokens, and proceeds of funds recovered from 3AC. Customers with USD deposits would receive access to those funds after a reconciliation and fraud prevention process.
"This comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," said Stephen Ehrlich, Chief Executive Officer of Voyager. "Voyager's platform was built to empower investors by providing access to crypto asset trading with simplicity, speed, liquidity, and transparency. While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital ("3AC") on a loan from the Company's subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now. The chapter 11 process provides an efficient and equitable mechanism to maximize recovery."
