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VOYG-CAUNCH
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Beleaguered crypto brokerage Voyager Digital has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of chaos in digital asset markets.
Voyager commenced bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday, according to a filing from the company. The filing lists assets of between $1 billion and $10 billion, and liabilities in the same range.
In a statement, the company said it has roughly $1.3 billion of crypto on its platform and holds more than $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank.
Voyager suffered huge losses from its exposure to crypto hedge fund Three Arrows Capital, which went bust last week after defaulting on loans from a number of firms in the industry — including $650 million from Voyager.
“We strongly believe in the future of the industry but the prolonged volatility in the crypto markets, and the default of Three...
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