The crypto lender was caught up in the 3AC collapse. 3AC had a loan of 15,250 BTC and $350 million USDC. Voyager says it's 'pursuing all available remedies for recovery' but 3AC is in bankruptcy so that's going to be a long wait.

"This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, Chief Executive Officer of Voyager. "This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time."

The company hired Moelis & Company and The Consello Group as financial advisors, and Kirkland & Ellis LLP as legal advisors.

Moelis specializes in M&A and restructurings.

The market wasn't expecting much from Voyager. The stock isn't trading today because of a holiday in Canada but it's been a precipitous fall since before the 3AC collapse.

Voyager stock

The company entered into a definitive agreement with Alameda for a US$200 million cash and USDC revolver and a 15,000 BTC revolver on June 17.

On June 14, it said:

Voyager differentiates itself through a straightforward, low-risk approach to lending and asset management by working with a select group of reputable counterparties, which are all vetted through extensive due diligence by its Risk Committee.

It's tough for crypto to find any kind of a bottom until we get all the bad news. Stuff like this makes crypto investors want to pull their funds.