Voyager Exchange makes a controversial move to stabilize itself after revealing exposure to Three Arrows Capital.
BREAKING:#Voyager Crypto Platform has implemented a $10,000 withdrawal limit for users. pic.twitter.com/u1NNmVBVor
— CryptoWhale (@CryptoWhale) June 22, 2022
The Voyager exchange announced this morning that it’s limiting withdrawals to 10k USD per 24 hours. Ordinarily, Voyager allows withdrawals of up 25k per day. “These limits are subject to change and may vary based on certain customer history,” Voyager said via their website’s Zendesk.
Recommended: How Voyager Survives Its Exposure To Three Arrows Capital
- The announcement comes a day after Voyager’s market update which included the details of their credit line with Alameda as well as admitting massive exposure to Three Arrows Capital.
- For now, it appears the Sam Bankman-Fried Alameda Research has floated them enough cash to cover the losses. However, the exchange appears to have instituted limits to ensure it can meet its monthly credit line payments to Alameda.
- Outside of updating its help section, Voyager has yet to publicly comment on the withdrawal limit.
- Voyager CEO Stephen Ehrlich has yet to comment either. He has largely stayed silent the last 10 days, only tweeting once. “Voyagers, thank you for your support. We’re here, “ the CEO said in response to yesterday’s announcement.
- Shares of Voyager (ticker symbol: VOYG) are surprisingly up on the news. VOYG is up over 13% on the day as of press time, trading in the $0.86 cent USD range.
- Meanwhile, the Voyager exchange token VGX isn’t faring as well. VGX is down 7.6% in the last 24 hours, trading in the $0.44 cent range.
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