Voyager Digital caves and files for Chapter 11 bankruptcy

Crypto platform Voyager Digital filed for Chapter 11 bankruptcy on July 5 in the Southern District of New York. The company made the move four days after another significant industry player, Three Arrows Capital (3AC), filed for bankruptcy after being unable to pay an $80 million margin trading debt to derivative exchange Deribit. Recent weeks have seen CeFi firms announce withdrawal freezes to stem liquidity outflows. The industry is on tenterhooks regarding which firms are affected and what happens next.In Voyager’s case, there were glimmers of hope the firm could stay solvent following a $200 million loan from Alameda Ventures on June 22.