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Crypto Crash Continues as Lender Voyager Digital Files for Bankruptcy

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The cold winds of crypto winter keep blowing. On Tuesday, cryptocurrency lender Voyager Digital , becoming the latest crypto company to falter since the market began to crash in April. A buying, trading and lending platform, Voyager Digital is estimated to have between $1 billion and $10 billion in both assets and liabilities.

Voyager Digital CEO Stephen Ehrlich said in the filing that the company’s bad financial state was caused by two issues. First, high inflation and rising interest rates , with bitcoin down 60% from its all-time-high in 2021. Second, Three Arrows Capital, a crypto hedge fund, defaulted on a $650 million loan issued by Voyager in March. 

It’s an example of the contagion effect that’s helped drive down crypto in recent months. The contagion began with Luna, a . That crash wiped around $14 billion from the market, inflicting huge losses on firms holding TerraUSD and Luna. Singapore-based Three Arrows Capital . The hedge fund filed for Charter 15 bankruptcy last week — just days after Voyager Digital issued a notice of default on the $650 million it had loaned 3AC.

The past few weeks have seen Peter Thiel-backed crypto lender Vauld , crypto broker Genesis lose hundreds of millions due to the bankruptcy of 3AC, and news that a Korean investment fund lost . 

Three Arrows Capital managed a fund estimated to be worth $10 billion back in March, . Three Arrows Capital was contacted for comment but did not immediately respond. 

While 3AC is in the , Voyager Digital’s leaders hope the bankruptcy filing is the first part of a turnaround. Chapter 11 bankruptcy procedures allow companies to plan restructures and turnaround strategies while protecting them from civil litigation. New nfl jersey-based Voyager Digital was listed on the Toronto Stock Exchange before trading of its stocks were suspended following the bankruptcy filing. 

“This is not a ‘free-fall’ filing without direction,” the filing reads. “On the contrary, Voyager has a path forward and a plan to swiftly bring these chapter 11 cases to an appropriate conclusion.” A plan , subject to change and pending court approval, would see Voyager customers with crypto in their wallets recieve proceeds from 3AC’s ecovery, shares in the reorganized Voyager Digital company, nfl jersey as well as Voyager crypto tokens.

Voyager Digital’s bankruptcy filing comes days after it suspended withdrawals and trading on its platform last Friday. 

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What Is Juneteenth, the Newest Federal Holiday?

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is today, and 2022 marks the second year it’s been an official federal holiday. President Joe Biden signed the last year, making it the first new federal holiday since Martin Luther King Jr. Day was added in . 

A portmanteau of the date it’s celebrated, Juneteenth commemorates the freedom of enslaved Black people in the US. It’s also known as Freedom Day or Jubilee Day.

“The emancipation of enslaved Black Americans didn’t mark the end of America’s work to deliver on the promise of equality; it only marked the beginning,” just before signing the Juneteenth holiday into law. “To honor the true meaning of Juneteenth, we have to continue toward that promise because we’ve not gotten there yet.”

The observation of Juneteenth stretches back to 1865, but the holiday gained significant national attention in 2020, after the deaths of , , ,  and others sparked  against police brutality and systematic violence aimed at Black Americans.

Here’s what to know about Juneteenth, including the history of the day, how and when it’s observed, how you can celebrate and which states have made it a public holiday.

Educate yourself and reflect: While slavery ended in 1865, racism persists in countless institutions. Use June 19 as a day to reflect on critical issues that perpetuate discrimination against Black people in America and around the world. Spend the day reading about Juneteenth’s history, including how Black families felt after being emancipated. Watch the , or engage with other  that can help reveal real-world, present-day issues. 

Watch online Juneteenth events: Tune in virtually to the or and find a listing of local events where you live.

Place a sign in your front yard: Raise awareness and show your support for Juneteenth by decorating a sign for your front yard or door. This is a great way to help educate younger kids in your neighborhood who may not know about the holiday.

Celebrate with a barbecue or family meal: Gather your family together to celebrate freedom. Since the pandemic is still a serious concern, make sure you’re following your state’s guidelines for indoor group gatherings (here are the ). If you’re celebrating indoors, we recommend opening windows for ventilation.

Juneteenth only comes once a year, but there are more ways you can help your community all year long — for instance, .

In which states is Juneteenth a paid holiday?

While many states celebrate Juneteenth as a holiday, these are the states that observe it as a paid holiday. Note that many cities in the states not listed also recognize it as a paid holiday.

  • Illinois
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
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  • New York
  • Oregon
  • Pennsylvania
  • Texas
  • Virginia
  • Washington

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