Crypto brokerage Voyager Digital shares plummeted as much as 40% after it announced Friday that it has temporarily suspended trading, deposits, withdrawals, and loyalty rewards starting 2 pm Eastern time on Friday. It shares dropped to as low as $0.25 before it rebounded to about $0.33 at market close. The crypto brokerage earlier this week issued a notice of default to Three Arrows, formerly one of the most active crypto hedge funds, after it defaulted on a loan to Voyager of about $666.7 million, including 15,250 BTC, or about $297 million based on bitcoin's recent price, and $350 million USDC. Voyager said it has engaged Moelis & Company as a financial advisor, and that has been in discussions with advisors to Three Arrows regarding potential legal remedies.
July 1, 2022, 4:34 p.m. EDT