Crypto broker Voyager Digital files for bankruptcy as industry falters
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Crypto broker Voyager Digital files for Chapter 11 bankruptcy protection. It is the latest casualty of the financial turmoil that has pummeled the world of cryptocurrency. Last month, Voyager issued a notice of default to Three Arrows Capital for failing to make the required payments on a $650 million loan. The hedge fund has since collapsed into liquidation, leaving Voyager scrambling to collect what is owed. The company said it has roughly $1.3 billion of crypto assets on its platform and claims more than $110 million of cash and owned crypto assets. The bankruptcy marks another episode in the crypto industry’s rocky year. As crypto-related firms borrow from and invest in one another, the risks to investors are amplified since failures can cascade and spread. Source