The details of the decision have not been made public at the time of the writing, but Rearden’s ruling stated that the U.S. government has a “substantial case on the merits” in its attempts to nullify the sale. The federal judge promised to make a quick decision in order to avoid any delays.

Shortly after the ruling was announced, the Official Committee of Unsecured Creditors of Voyager Digital stated that they “will continue to aggressively oppose the Government’s efforts.”

Voyager Digital folded in July after the company met with financial troubles that were caused by the crash of the crypto market. The company was also affected by the unpaid loan of $650 million it issued to bankrupted crypto fund Three Arrows Capital.

After Voyager filed for Chapter 11, the crypto exchange and crypto hedge fund made a deal to acquire the company. However, FTX itself went bankrupt shortly after, allowing Binance US to step in. U.S. Bankruptcy Judge Michael Wiles already approved Voyager’s sale to Binance US for $1 billion back in March.

The post Binance US’ $1 Billion Takeover of Crypto Lender Voyager Digital Placed on Hold appeared first on theprimarymarket.com.

The news comes after Voyager Digital revealed an exposure of around $650 million in crypto to struggling Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC). Voyager gave 3AC a loan of $350 million in stablecoin USDC as well as 15,250 bitcoin units. However, the company is unsure if and when the debt is going to be paid.

The news caused Voyager Digital’s stock to take another big hit after recently declining in value due to the crashing crypto market. It lost around 60 percent during trading hours on Wednesday and went from $1.23 to $0.46 per share. This represents a huge drop-off from its $16.54 peak in November 2021.

While Voyager decided to set limits on the withdrawals their customers make, some other crypto traders have frozen withdrawals altogether. The most notable example is Celsius Network, which made this decision on June 13th, locking its 500,000 customers out of their funds. The company said it made the decision due to “extreme market conditions,” and there is no indication when the withdrawals might be possible again.

The post Crypto Trader Voyager Digital Limits Withdrawals to $10K appeared first on theprimarymarket.com.

The details of the decision have not been made public at the time of the writing, but Rearden’s ruling stated that the U.S. government has a “substantial case on the merits” in its attempts to nullify the sale. The federal judge promised to make a quick decision in order to avoid any delays.

Shortly after the ruling was announced, the Official Committee of Unsecured Creditors of Voyager Digital stated that they “will continue to aggressively oppose the Government’s efforts.”

Voyager Digital folded in July after the company met with financial troubles that were caused by the crash of the crypto market. The company was also affected by the unpaid loan of $650 million it issued to bankrupted crypto fund Three Arrows Capital.

After Voyager filed for Chapter 11, the crypto exchange and crypto hedge fund made a deal to acquire the company. However, FTX itself went bankrupt shortly after, allowing Binance US to step in. U.S. Bankruptcy Judge Michael Wiles already approved Voyager’s sale to Binance US for $1 billion back in March.

The post Binance US’ $1 Billion Takeover of Crypto Lender Voyager Digital Placed on Hold appeared first on theprimarymarket.com.

The news comes after Voyager Digital revealed an exposure of around $650 million in crypto to struggling Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC). Voyager gave 3AC a loan of $350 million in stablecoin USDC as well as 15,250 bitcoin units. However, the company is unsure if and when the debt is going to be paid.

The news caused Voyager Digital’s stock to take another big hit after recently declining in value due to the crashing crypto market. It lost around 60 percent during trading hours on Wednesday and went from $1.23 to $0.46 per share. This represents a huge drop-off from its $16.54 peak in November 2021.

While Voyager decided to set limits on the withdrawals their customers make, some other crypto traders have frozen withdrawals altogether. The most notable example is Celsius Network, which made this decision on June 13th, locking its 500,000 customers out of their funds. The company said it made the decision due to “extreme market conditions,” and there is no indication when the withdrawals might be possible again.

The post Crypto Trader Voyager Digital Limits Withdrawals to $10K appeared first on theprimarymarket.com.