Cryptocurrency The sharp declines and high volatility experienced in the market affected not only the investors but also the institutional companies.
After Three Arrows Capital while some crypto platforms are having a hard time Voyager Digital also filed for bankruptcy.
According to documents filed by Voyager, which has filed for bankruptcy in the Southern District Court of New York, the company has more than 100,000 creditors and cryptocurrency Debt range is estimated to be between $1 billion and $10 billion.
Voyager has filed for bankruptcy under Chapter 11. According to this bankruptcy procedure, all legal claims are suspended.
While the operational activities of the company applying for bankruptcy continue, repayment plans are made for the creditors in this process.
Voyager CEO Steven Ehrlich said in a statement that the high volatility in the crypto markets and the bankruptcy of Three Arrows Capital, which Voyager Digital gives a loan, were effective in their bankruptcy filing:
“We decided that the best way to protect the company’s assets was to file for bankruptcy.
This has been a difficult decision for us. But in this current situation, we think the best option is to reorganize the company.”
As will be remembered Celsiusafter VoyegerCoinLoan and CoinFLEX also announced that they have stopped withdrawals.