The collapse of Three Arrows Capital (3AC) and the ongoing liquidity issues have affected some of the most prominent names in the cryptocurrency market. On Friday, the crypto lender Voyager informed consumers via email that it has decided to halt trading, deposits, withdrawals, and loyalty programs on its platform to buy some time to seek some “strategic alternatives.” Voyager’s last announcement, in which it claimed to be continuing operations and completing customer orders and withdrawals, has been reversed. Voyager Holds Crypto Assets The lender stated that it presently maintains claims totaling more than $650 million against 3AC in addition to about $1.3 billion in cryptocurrency assets on its platform in a series of tweets on Saturday. Voyager claimed to have more than $350 million in cash at the Metropolitan Commercial Bank of New York. The bank stated on Sunday that the insurance provided by the Federal Deposit Insurance Corporation (FDIC) “does not cover the failure of Voyager, any act or omission of Voyager or its personnel, or the loss in value, of cryptocurrencies or other assets.” “The standard FDIC insurance coverage amount is $250,000 per depositor for each account.” The big question: what’s gonna happen to that USD?? pic.twitter.com/RZUOOCx2dg — Cas Piancey (@CasPiancey) July 3, 2022 Unsavory Market Conditions Multiple companies continue to chafe under unsavory market conditions furthered by revelations that 3AC...
