Voyager announced that they were making the decision "given current market conditions", and that it "gives us additional time to continue exploring strategic alternatives with various interested parties". They also released some financial and balance sheet updates that painted a pretty grim picture.
Voyager Digital announced that they had suspended trading, deposits, withdrawals, and loyalty rewards. This came after it was revealed that Voyager had issued a notice of default to the bankrupt Three Arrows Capital on a loan of more than $670 million worth of USDC and Bitcoin. On June 22, Voyager had reduced their withdrawal limit, suggesting they were having trouble meeting customer demand for withdrawals. The week before that, Voyager had secured a large loan from FTX to try to help them stay afloat.
- "Voyager Digital Provides Market Update", press release from Voyager