why is voyager digital stock dropping

ByMaksim L.

Sep 19, 2022

What is happening with Voyager Digital?

Crypto broker Voyager Digital filed for Chapter 11 bankruptcy protection, becoming the latest casualty of the financial turmoil that has pummeled the world of cryptocurrency as token values have plunged and economic conditions soured for riskier assets.

Why is Voyager Digital tanking?

Voyager filed for bankruptcy in early July after suffering huge losses from its exposure to crypto hedge fund Three Arrows Capital, also known as 3AC, which went under after defaulting on loans from a number of firms in the industry — including over $650 million from Voyager.

What is happening to Voyager?

Voyager, which halted trading, deposits and withdrawals on July 1, was one of the crypto platforms hit by the woes of Three Arrows Capital Ltd., the beleaguered crypto hedge fund that was ordered for liquidation. The company is simultaneously pursuing a standalone restructuring process and a potential sale.

Will Voyager stock go up?

Voyager Digital Ltd (OTC Pink – Current Information:VYGVQ) The 3 analysts offering 12-month price forecasts for Voyager Digital Ltd have a median target of 12.39, with a high estimate of 15.00 and a low estimate of 4.23. The median estimate represents a +8,771.16% increase from the last price of 0.14.

Is Voyager going to recover?

Voyager Digital, one of several crypto lending firms that became insolvent last month, is now in the process of carrying out its recovery plan. Voyager suspended most activity on July 1, including trading, deposits, withdrawals, and loyalty rewards.

Why is Voyager suspended?

Crypto lender Voyager Digital has suspended withdrawals, trading and deposits to its platform, due to difficult market conditions, amid a deepening meltdown in beleaguered cryptocurrency markets, and said it is exploring strategic alternatives to preserve the value of its platform.

Is Voyager Digital a buy?

4 Wall Street research analysts have issued “buy,” “hold,” and “sell” ratings for Voyager Digital in the last twelve months. There are currently 3 hold ratings and 1 buy rating for the stock. The consensus among Wall Street research analysts is that investors should “hold” VOYG shares.

Are people suing Voyager?

Since that time Voyager has filed for bankruptcy and billions of dollars of customers money is frozen or lost. The Moskowitz Law Firm based in Coral Gables, Florida has filed a class action lawsuit on behalf of those customers. Mark Cuban is one of the parties named in the suit.

Is there a class action lawsuit against Voyager?

Dallas Mavericks governor Mark Cuban is facing a class-action lawsuit for his promotion of bankrupt cryptocurrency brokerage Voyager Digital.

How much will Voyager customers get back?

Judge Wiles granted qualifying Voyager users access to $270 million in cash Voyager held with Metropolitan Commercial Bank. Customers who had U.S. dollars in their account at the bank apparently now are allowed to withdraw up to $100,000 in a 24-hour period through the Voyager app.

Will Voyager resume withdrawals?

3. “We anticipate resuming access to the Voyager app for cash withdrawals only, starting on Thursday, Aug. 11. Customers with cash in their accounts will receive an email with more details before cash withdrawal access,” Voyager said in the statement.

Who owns Voyager crypto?

CEO Steven Ehrlich made over $30 million disposing of Voyager equity as the now-bankrupt crypto lender’s shares neared an all-time high in spring 2021. The firm ran into trouble earlier this year after crypto prices plummeted, and froze customer assets before declaring bankruptcy in July.

How much cash does Voyager Digital have?

Voyager still holds over $1 billion in digital assets whose fate has yet to be determined. While the USD-holding clients get to access their funds, Voyager is continuing with its bankruptcy proceedings, having filed for Chapter 11 bankruptcy.

What happened Voyager app?

Crypto trading and lending firms Celsius and Voyager Digital filed for bankruptcy this month, leaving users’ assets trapped inside their platforms. Both firms froze client accounts after an influx of withdrawals led to liquidity issues.

Who is the CEO of Voyager Digital?

Stephen Ehrlich (Jul 2020–)Voyager Digital / CEO

Should I buy Voyager?

Editorial update. We do not recommend Voyager as a reliable cryptocurrency exchange. The company is currently undergoing bankruptcy and has liquidity issues, which could result in accountholders having their assets frozen when/if trading or withdrawals are halted.

What will happen to my Voyager crypto?

Voyager had approximately $1.3 billion of crypto assets on the platform as of early July 2022. These assets will likely be sold with the company by September 8. Ignoring many customers’ frustrations expressed through a broad letter-writing campaign,1 Voyager is moving forward with the bid process to sell the company.

Is Voyager FDIC insured?

Voyager is not itself insured by the FDIC, though, and so customers who invested through its cryptocurrency platform would not receive insurance coverage in the event of Voyager’s failure. The FDIC deposit insurance program protects customers in the event of the failure of an FDIC-insured bank.

Will Voyager allow withdrawals?

Voyager has gained court approval to begin providing customers with access to withdrawals.

When can I withdraw from Voyager?

How and when can I access my cash? We anticipate resuming access to the Voyager app for cash (US dollar) withdrawals only, starting on Thursday, August 11th. Customers with cash in their accounts will receive an email with more details before cash withdrawal access in the app becomes available.

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