Another platform "pulled out the network cable" and ran away, and the stock price plummeted 40%

　　Original title: Strong earthquake in the currency circle!

Another platform "pulled out the network cable" and ran away, and the stock price plummeted 40%!

The culprit is rumored to have lost tens of billions of dollars

　　Cryptocurrency broker Voyager Digital announced that it will suspend all trading, deposits, withdrawals and holding rewards starting at 2:00 pm New York time on July 1.

　　Voyager CEO Stephen Ehrlich said in a statement that the suspension of platform activity was seeking time "to explore strategic alternatives with multiple stakeholders" and would be available "at the right time" more information.

"It was an extremely difficult decision, but in the current market environment, we believe it was the right decision," Errick said.

　　Voyager's stock fell as much as 43% in the U.S. over-the-counter market after news of the platform's suspension broke.

It finally closed down 30.68% at $0.30 per share.

Canada, where the company is mainly listed, did not trade due to a holiday.

Voyager's stock has fallen about 96% this year.

　　Voyager's suspension of trading has been foreshadowed. As early as June 23, the company has announced that it will reduce the daily (24-hour) withdrawal limit from $25,000 to $10,000, with up to 20 withdrawals in 24 hours. .

　　Voyager's official website shows that the company provides support and services to investors in the cryptocurrency space.

The founders have worked for companies such as E*TRADE, Uber, TradeIt, Lightspeed Financial, etc.

The company's mission is to provide every investor with a trusted and secure access point for crypto asset trading, and to provide asset and commission-free trading.

　　On June 27, Voyager announced that it had issued a notice of default to Three Arrows Capital for failing to make necessary payments on its previously disclosed loan of 15,250 bitcoins and $350 million.

But Voyager said at the time that it would still continue to operate and fulfill customer orders and withdrawals.

As of June 24, 2022, Voyager had approximately $137 million in cash on hand and owned crypto assets.

The company will also receive a previously announced $200 million in cash and 15,000 bitcoins from Alameda Ventures Ltd.

Three Arrows Capital Crisis

　　Voyager announced the suspension of operations this time because of the default of Three Arrows Capital.

　　Three Arrows, a hedge fund management firm that provides risk-adjusted returns, was founded by hedge fund managers Zhu Su and Kyle Davies, according to public information.

The company began its full transformation into a crypto hedge fund manager in 2017.

Three Arrows Capital has invested in Avax, Near, Aave, Derabit, Starkware, Terra Luna, Axie Infinity and other projects during the bear market.

At their peak, the market estimated they had between $10 billion and $18 billion in assets under management.

　　The Monetary Authority of Singapore issued a statement on June 30 saying that Three Arrows Capital was registered locally in 2013, and its assets under management did not exceed S$250 million; from July 2020 to September 2020 and from November 2020 to 2021 Restrictions on managing assets were violated several times during August 2009; furthermore, directors and shareholding changes were not notified and the veracity of the information could not be assured.

　　Zhu su, founder of Three Arrows Capital, is very influential, with 560,000 followers on Twitter.

He also regularly interacts with his followers, using his influence to indirectly influence prices.

In February 2021, he predicted on a show that the price of BTC would reach $2.5 million.

　　Before the collapse of the cryptocurrency Luna last month, Three Arrows Capital paid $559.6 million to take the offer.

And now these cryptocurrencies are worth around $670.

　　Since November last year, cryptocurrencies have entered a bear market, including Bitcoin, Binance and other well-known cryptocurrencies have continued to decline, and almost all of the projects invested by Three Arrows Capital are in a state of loss.

　　In June this year, news about Sanjian Capital being insolvent, in a liquidity crisis, and going bankrupt and liquidation continued to ferment in the market.

On June 15, Zhu Su, founder of Three Arrows Capital, said on social media, "We are communicating with relevant parties and are committed to solving the problem."

　　A British Virgin Islands court has ordered troubled cryptocurrency hedge fund Three Arrows Capital into liquidation, Sky News reported on June 29, citing sources.