Voyager Digital stock sinks after halting withdrawals, deposits

Cryptocurrency brokerage Voyager Digital (OTCQX:VYGVF) shares have tumbled nearly 30% on Friday after it decided to suspend trading, deposits, withdrawals and loyalty rewards at 2:00 p.m. ET. "This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Voyager Digital CEO Stephen Ehrlich. "This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time."The move comes after its subsidiary Voyager Digital LLC on June 27 had issued a default notice to crypto-focused hedge fund Three Arrows Capital after it failed to make loan repayments. Meanwhile, Voyager Digital (OTCQX:VYGVF) said the value of its crypto asset holdings was $685.3M as of June 30. That compares with $1.12B in crypto assets it loaned out, including $350M in stablecoin USD Coin (USDC-USD) and 15,250 bitcoins (BTC-USD). Voyager Digital (OTCQX:VYGVF) is joining a handful of prominent crypto lenders that have suspended customer withdrawals in recent weeks amid liquidity issues. Celsius Network, for example, halted all withdrawals, swaps and transfers in mid-June. Previously, (June 23) Voyager Digital slashed daily withdrawal limit to $10K in wake of Three Arrows Capital exposure.