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Voyager Digital Limits Services – Shares Drop by Almost 40%

Voyager Digital shares are 34% less on Monday. On Friday, the crypto company announced that it would suspend withdrawals, deposits, and trading....
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Voyager Digital shares are 34% less on Monday. On Friday, the crypto company announced that it would suspend withdrawals, deposits, and trading.

Voyager Digital shares dropped 34% Monday after last week’s announcement by the crypto lender that it was restricting services to users.

According to data from Toronto’s stock exchange, shares in the Canadian company were trading at 0.39 Canadian dollars at the time of writing.

Canada’s trading resumed Monday after a Friday national holiday. Voyager also announced that it had “temporarily suspended trading, deposits and withdrawals, as well as loyalty rewards”

Monday’s losses are due to a turbulent second quarter, in which shares plunged more than 90%.

Voyager’s downturn has affected its performance, but its problems were made worse by Three Arrows Capital (3AC) in June. The firm sent a notice to 3AC regarding the late repayment of a $650m loan. This was before 3AC filed Chapter 15 bankruptcy proceedings on Friday.

Voyager’s stock price has fallen below its native Voyager token (VGX) market value due to the latest losses. According to CoinGecko data, Monday’s market cap for VGX was approximately $72 million. The company’s equity, however, was only $58 million.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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