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Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and CeFi

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cointelegraph.com

The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to meet its financial obligations on June 15 and this caused severe impairments among centralized lending and staking providers like Celsius and Babel Finance.On June 22, Voyager Digital, a New York-based digital assets lending and yield company listed on the Toronto Stock exchange, saw its shares drop nearly 60% after revealing a $655 million exposure to Three Arrows Capital.Voyager offers crypto trading and staking and had about $5.8 billion of assets on its platform in March, according to Bloomberg.

Voyager's website mentions that the firm offers a Mastercard debit card with cashback and allegedly pays up to 12% annualized rewards on crypto deposits with no lockups.More recently, on June 23, Voyager Digital lowered its daily withdrawal limit to $10,000, as reported by Reuters.It remains unknown how Voyager shouldered so much liability to a single counterparty, but the firm is willing to pursue legal action to recover its funds from 3AC.

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