Trading platform Voyager Digital has slashed its daily withdrawal limit to $10,000 from $25,000 following news of its exposure to struggling crypto hedge fund Three Arrows Capital.
Voyager announced the update to the withdrawal limit yesterday as the company’s share prices crashed by over 60%.
Voyager Digital, a publicly traded company, provides a crypto trading platform that includes a mobile app and debit card. Users are able to buy and sell over 100 different digital assets via the app.
But the New York-based firm said Wednesday that it had aggregated exposure of $661 million to Singapore-based Three Arrows Capital (3AC) in the form of stablecoins and Bitcoin. Voyager Digital lent money to 3AC but the firm may not be able to repay the loan.
Voyager said it may issue a "notice of default" to the hedge fund after it requested a repayment of $25 million in the stablecoin USDC by June 24 and a subsequent request of repayment of the entire amount in USDC and Bitcoin by June 27. As a...
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