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Voyager Digital lowers withdrawal limitations to $10,000 amidst 3AC direct exposure threat

Voyager Digital reduces withdrawal limits to $10,000 amid 3AC exposure risk Voyager Digital minimizes withdrawal limitations to $10,000 amidst 3AC direct exposure danger Liam ‘Akiba’ Wright · 7 hours earlier · 1 minutes read

Voyager Digital has minimizes withdrawal limitations for users simply hours after it was exposed they got a $200 M from Alameda Ventures.

1 minutes read

Updated: June 23, 2022 at 3: 57 am

Voyager Digital reduces withdrawal limits to $10,000 amid 3AC exposure risk

Cover art/illustration by means of CryptoSlate

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Voyager Digital just recently revealed a $200 million loan from Alameda Ventures in the middle of advertising a $612 million direct exposure to Three Arrows Capital. Shares in Voyager digital dropped 60% on the news of the bailout.

Users are now reporting that the platform’s withdrawal limitation has actually been lowered to simply $10,000 withdrawal daily. The previous withdrawal limitation was $25,000, according to a helpdesk post on its site. The relocation is most likely to be a part of efforts to lower the threats of a liquidity crisis amidst rough market conditions and its direct exposure to 3AC.

3AC was suffering an insolvency crisis and might not pay a $25 million default notification from Voyager, due by June24 The failure to repay simply 4% of its financial obligation does not bode well for its capability to pay back the whole $612 million. A report submitted by Voyager Digital on May 16, 2022, mentioned,

” The Company limitations such credit threat by providing to debtors that the Company thinks, based upon its due diligence, to be top quality banks with adequate capital to satisfy their commitments as they come due.”

According to its current revenues, Voyager made a $615 million loss in the very first quarter of2022 Since May 2022, Voyager had $3.4 billion in crypto possessions and had actually lent out $2.4 billion. It likewise holds in custody $5.4 billion in customer crypto properties. With a net $1 billion in properties Voyager might have the ability to deal with the ~$20 million monthly in losses. A bank run on its custodial holdings might trigger extreme issues for the exchange.

Among the anxious financiers, one user who had actually raised his withdrawal limitation to $125,000 had a $90,000 withdrawal declined, as others report their limitations dropped to simply $10,000 daily. Numerous other users on Twitter have actually verified their limitations have actually likewise been lowered to simply $10,000 each day.

I attempted to withdraw $95,000 from @investvoyager and move it to my rely on Friday and the funds didn’t appear.

I simply inspected today and my withdrawal has actually been turned down.

No description from Voyager @Ehrls15 please make this right

I think @nickcini dealt with a comparable problem just recently pic.twitter.com/3VGoASjho3

— © elsius x Voyager (@Celsius_Voyager) June 22, 2022

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