Crypto broker Voyager Digital files for Chapter 11 bankruptcy

Voyager Digital has filed for Chapter 11 bankruptcy in New York, according to a court filing from the crypto broker.

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Per the firm’s petition, estimated assets are between $1 billion and $10 billion, with between $1 billion and $10 billion in estimated liabilities.

Three business entities — Voyager Digital Holdings, Voyager Digital LLC and Voyager Digital, Ltd. — are seeking protection. The filings were made in the Southern District of New York bankruptcy court.

The firm is being represented by Kirkland and Ellis LLP, according to the filing documents

Last Friday, Voyager halted withdrawals, deposits and trading, citing the present market conditions. “This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” CEO Stephen Ehrlich said at the time.

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Prior to that event, Voyager issued a notice of default to hedge fund Three Arrows Capital over failed repayment of a $650 million loan.

Three Arrows itself filed for Chapter 15 bankruptcy on Friday, as previously reported.

This story is developing and will be updated.

© 2022 The Block Crypto, Inc. 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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