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Crypto Broker Voyager Digital Lowers Daily Withdrawal Limits To $10,000
Voyager Digital Ltd has lowered its daily withdrawal limits to $10,000 from $25,000, according to an update on the company's website.
Ankita K.
7:52 24th Jun, 2022
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The decision comes off the back of a heavy decline in the Voyager share price on Wednesday.

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.

Voyager's total exposure to Three Arrows Capital consists of 15,250 bitcoin (nearly $310 million) and $350 million USD Coin (USDC).

The New Jersey-based company said it had initially asked for repayment of $25 million USDC by June 24, and later requested that the entire amount be repaid by June 27. However, neither of those have been repaid, Voyager said.

Voyager is also discussing legal remedies available to recover the amount from the hedge fund, it said.

Earlier this month, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, seeking access to additional capital to meet its customers' liquidity needs as crypto prices take a hit.

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