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Crypto’s Brutal Week Ends With a Trading Halt and a Bailout

  • Voyager suspends withdrawals, while BlockFi gets FTX backing
  • Three Arrows’s woes ripple across the beleagued sector
BitBase Cryptocurrency Exchanges After Record Week For Volatility
Photographer: Angel Garcia/Bloomberg
Updated on

The meltdown in cryptocurrency markets deepened this week, as major players contended with liquidations, withdrawal freezes, trading halts -- and, at least in one case, a bailout.    

Crypto broker Voyager Digital Ltd. on Friday announced a suspension of trading, deposits and withdrawals, while BlockFi, a major digital-asset lender, won the backing of exchange FTX US with the potential to be acquired. Both companies were upended by the woes of Three Arrows Capital Ltd., the beleaguered crypto hedge fund that was ordered for liquidation by a British Virgin Islands court this week and filed for Chapter 15 bankruptcy protection in New York.