TSX-listed crypto company Voyager Digital warns of US$655-million loan default, shares plummet 53 per cent

stock lost half its value in a single day after management warned of a potential default on a US$655-million loan to a troubled hedge fund, as investors continue to fear financial contagion owing to the crypto sector’s recent crash.

In a notice to investors, Voyager said it originally requested a repayment of US$25-million worth of USDC from Three Arrows by June 24, and that it has since asked for repayment of the entire balance of USDC and bitcoin by June 27. After Wednesday’s disclosure, Voyager’s shares dropped by 53 per cent by closing time. The stock is down 95 per cent since the start of the year, sending the company’s market value tumbling to $148-million from roughly $3-billion in six months.

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