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Voyager Digital Cuts Daily Withdrawal Limit to $10K Amid 3AC Exposure
The decision comes off the back of a heavy decline in the Voyager share price on Wednesday.
Updated May 11, 2023, 4:15 p.m. Published Jun 23, 2022, 1:27 p.m.
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Cryptocurrency broker Voyager Digital reduced its daily withdrawal limit to $10,000 from $25,000 after detailing its exposure to struggling hedge fund Three Arrows Capital earlier this week.
- According to Voyager's website, an update to the withdrawal limit was made at 23:00 UTC on Wednesday.
- Voyager shares (VOYG) plunged by more than 60% Wednesday after the company said it had an aggregated exposure of $720 million to Three Arrows Capital in the form of stablecoins and bitcoin.
- Voyager appears to be the latest in a string of crypto companies hit by the recent market downturn, lending platforms Celsius Network and Finblox have both halted withdrawals over the course of the month.
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From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
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