Stephen Ehrlich, CEO and Co-Founder Voyager Digital Ltd., speaks during the Piper Sandler Global Exchange and FinTech Conference in New York City, U.S

Crypto lender Voyager Digital suspends withdrawals, deposits

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2022-07-01 21:00:11

Stephen Ehrlich, CEO and Co-Founder Voyager Digital Ltd., speaks during the Piper Sandler Global Exchange and FinTech Conference in New York City, U.S., June 8, 2022. REUTERS/Brendan McDermid

July 1 (Reuters) - Crypto lender Voyager Digital said on Friday it has suspended withdrawals, trading and deposits to its platform andsaid it is exploring strategic alternatives to preserve the value of its platform.

The move comes days after the company issued a default notice to embattled hedge fund Three Arrows Capital (3AC) for the fund's failure to make required payments on a loan.

In a statement, Voyager Chief Executive Stephen Ehrlich said the move gives the company "additional time to continue exploring strategic alternatives with various interested parties" while preserving the value of the platform.

Voyager said in a release that it had hired Moelis & Company (MC.N) and the Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisors "to support is exploration of strategic alternatives."