Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy protection

Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy. The company says it has roughly $1.3 billion of crypto on its platform and holds more than $350 million in cash on behalf of customers at New York's Metropolitan Commercial Bank. Company suffered huge losses from its exposure to hedge fund Three Arrows Capital, which went bust last week after defaulting on loans from a number of firms in the industry — including $650 million from Voyager. The Toronto-listed company's shares have lost nearly 98% of their value since the start of 2022. The filing lists assets of between $1 billion and $10 billion, and liabilities in the same range, according to the company's statement. Company says it is still pursuing the recovery of funds from 3AC. Source