RIYADH: Bitcoin, the world’s leading cryptocurrency, traded lower on Sunday, falling 0.93% to $19,033.92 as of 9 a.m. Riyadh time.
Ethereum, the second most traded cryptocurrency, was priced at $1,057.11, up 1.15%, according to data from CoinDesk.
Voyager Digital suspends withdrawals and deposits
To preserve the value of its platform, Voyager Digital announced on Friday that it has suspended withdrawals, exchanges and deposits, according to Reuters.
A notice of default was issued to beleaguered hedge fund Three Arrows Capital days earlier for the fund’s failure to make required payments.
According to Voyager CEO Stephen Ehrlich, the move gives the company more time to consider strategic alternatives with various interested parties while preserving its value.
The company announced that it had hired financial advisors Moelis & Co., Consello Group and legal advisors Kirkland & Ellis LLP “to support its exploration of strategic alternatives”.
Voyager’s crypto assets are worth $685 million, compared to the more than $1.12 billion he has loaned out in crypto assets. The company said it loaned 3AC $350 million and 15,250 bitcoins.
Voyager’s decision comes less than a month after Celsius Network suspended withdrawals due to extreme market conditions. Celsius customers have not yet been able to withdraw money.
(With contributions from Reuters)