Days After Suspending Transactions, Voyager Files For Bankruptcy

As the crypto market continues to plunge, crypto firms, especially lending firms, have been facing insolvency issues, and now, Voyager has become the latest firm to file for bankruptcy.

The Toronto-based crypto lending firm, Voyager, filed for Chapter 11 bankruptcy protection on Tuesday, for more time to explore strategic alternatives, almost a week after freezing trading, withdrawals, and deposits on its platform.

In a statement by Voyager Chief Executive Officer Stephen Ehrlich. “The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now.”

“The chapter 11 process provides an efficient and equitable mechanism to maximize recovery,” he added.

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