Voyager Digital Cuts Daily Withdrawal Limit to $10K Amid 3AC Exposure

The decision comes off the back of a heavy decline in the Voyager share price on Wednesday.

AccessTimeIconJun 23, 2022 at 1:27 p.m. UTC
Updated Jun 23, 2022 at 7:30 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Cryptocurrency broker Voyager Digital reduced its daily withdrawal limit to $10,000 from $25,000 after detailing its exposure to struggling hedge fund Three Arrows Capital earlier this week.

  • According to Voyager's website, an update to the withdrawal limit was made at 23:00 UTC on Wednesday.
  • Voyager shares (VOYG) plunged by more than 60% Wednesday after the company said it had an aggregated exposure of $720 million to Three Arrows Capital in the form of stablecoins and bitcoin.
  • Voyager appears to be the latest in a string of crypto companies hit by the recent market downturn, lending platforms Celsius Network and Finblox have both halted withdrawals over the course of the month.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Trending

1
CoinDesk - Unknown
Argo Blockchain Hires Derivatives Trader to Navigate Market Rout, Sells BTC to Reduce Loan

The miner saw gains in bitcoin production in June, but its margins narrowed.

CoinDesk - Unknown
2
CoinDesk - Unknown
Ethereum Scaling Solution Immutable X Will Allow Ether-to-Dollar Withdrawals

The tool is one of the first layer 2 services to allow users to withdraw U.S. dollars.

CoinDesk - Unknown
3
CoinDesk - Unknown
Animoca Brands Leads $32M Funding Round for Planetarium Labs

The capital will help the Web3 gaming company develop its community-driven network.

CoinDesk - Unknown
4
CoinDesk - Unknown
Solana Labs, Multicoin Accused of Violating Securities Law by SOL Investor

Solana’s SOL token is an unregistered security whose insiders have benefitted while retail suffered, the suit alleged.

CoinDesk - Unknown