Following the bankruptcy filing, Voyager Digital’s shares were delisted from the Toronto Stock Exchange. The decision followed the exchange’s in-depth review of Voyager Digital’s shares to ensure the shares meet the exchange’s listing requirements.
This was announced by the Canadian Investment Industry Regulatory Organization. Voyager Digital stock trading on the Toronto Stock Exchange was halted at 8 a.m. ET. Voyager shares have also been discontinued in the US. The exchange has also announced a detailed breakdown of the delisting.
Voyager Digital files for bankruptcy
Voyager D has recently paused all activity on the platform, including trading and deposits. The platform applied for Chapter 11 bankruptcy after the cessation of its activities.
New York’s Southern District Received a Chapter 11 bankruptcy Voyager D filing. The fill included all corporate entities, including Voyager Digital Holdings, Voyager Digital LLC, and Voyager Digital, Ltd. According to reports, Kirkland and Ellis LLP represent the company.
According to the document, there were more than 100,000 creditors. Assets were believed to be worth between $1 billion and $10 billion. The company is bringing over $110 million in cash and a few cryptos as it goes bankrupt. This will be used to facilitate the regular business operations of the company. Customers who have USD deposits in their accounts will have to wait for the Metropolitan Commercial Bank’s reconciliation and fraud protection processes to be completed.
The crypto bear market is proving to be extremely difficult for financial firms, investors and the general crypto market. Since the fall of Terra, the market has started to turn into a long-term bear market. The harsh market conditions are causing companies to resign, shut down operations and much more, even shut down completely.