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Voyager Digital Files For Bankruptcy Protection After Suspending Clients’ Withdrawals

Daily Market Wrap

  • Crypto market cap: 0.92 trillion, up 3.12%

  • BTC price stands at USD 20,423, up 2.64%

  • ETH price stands at USD 1,176, up 5.07%

  • Top gainer: Storj (STORJ), up 16.79%

  • Top loser: TerraClassicUSD (USTC), down 9.41%

News of the Day

Why it matters:

  • Crypto lender Voyager Digital filed for Chapter 11 bankruptcy protection late on Tuesday, citing market volatility and exposure to the recent collapse of Three Arrows Capital

  • According to the Chapter 11 bankruptcy filing in the Southern District of New York, the company had between $1 billion to $10 billion in assets and over 100,000 creditors

  • Voyager Digital believes that “funds will be available for distribution to unsecured creditors,” according to the filing

  • Four days ago, Voyager Digital decided to temporarily suspend trading, deposits, withdrawals, and loyalty rewards

  • On June 27, it also issued a notice of default to Three Arrows Capital (“3AC”) for failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC

Crypto Daily Spotlight

Brief introduction: God Hates NFTs is a series of NFTs based on the characters of the NFT.NYC protests. It was released on June 30 through Free Mint, with a total of 5,022 pieces. The floor price once soared to around 1.8 ETH.

Why it matters:

  • On June 22, an NFT project called God Hates NFTs announced on Twitter that it would make these characters at the protest site into an NFT series, claiming that is was “just for the culture”

  • The founder SrPeters frequently told Discord community members to leave replies on KOL Twitter accounts to promote his projects

  • As a result, The Sandbox bought 19 NFTs at high prices during the whole incident

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