Crypto broker Voyager lowers daily withdrawal limits from $25K to $10K

Quick Take

  • Voyager Digital announced Wednesday that it would drop its daily withdrawal limits from $25,000 to $10,000.
  • The firm cut its withdrawal limits and received a $500 million bail-out package from Alameda Research to shore up its finances after revealing the extent of its exposure to 3AC, which caused a 60% share price decline.

Crypto broker Voyager digital announced on its website Wednesday that it would drop daily withdrawal limits from $25,000 to $10,000.

The policy change was announced as the firm seeks to shore up its finances following a sharp decline of the company’s share price—dropping by as much as 60% throughout the day and closing at a 50.84% loss. 

The price collapse came after Voyager publicly revealed loans it made to crypto hedge fund Three Arrows Capital (3AC). According to Voyager, there are over $650 million in outstanding loans—made up of 15,250 BTC and $350 million USD Coin (USDC).

Alameda Research, a quantitative trading firm owned by FTX founder Sam Bankman Fried, announced on Monday that it would be extending a $500 million loan to support Voyager’s losses from 3AC. The deal will consist of a $200 million line of credit made up of cash and USDC stablecoins, as well as a 15,000 BTC revolving line of credit, worth roughly $300 million at the current market price.

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