This platform Cryptocurrency trading and lending digital travel voluntarily filed for Chapter 11 bankruptcy protection to complete the restructuring of the company and maximize value for all parties involved.
The company filed a Chapter 11 voluntary reorganization petition in the United States Bankruptcy Court. The United States of America of the Southern District of New York and intends to seek recognition of the case in the Ontario (Canada) Superior Court of Justice under the Trade Creditors Settlement Act.
In the documentation presented digital travel claims to have around 1,300 million dollar (1,259 million euros) in cryptographic resources over 350 million on the platform dollar (339 million euros) in cash on the Metropolitan Commercial Bank’s client accounts, as requests for non-payment accumulate for more than 650 million dollar (629 million euros) against the Three Arrows fund.
This hedge investment fund has focused on cryptocurrencies in mid-June last year it was unable to meet the margin calls from many of its lenders. Three Arrows had invested in them cryptocurrencies Terra e Luna, which went bankrupt completely and created a crisis in the industry crypto or “Crypto Winter”.
Last week, Traveler Withdrawals suspended, deposits and all transactions on your platform due to current market conditions.
Other companies such as Celsius, Babel Finance and Vauld have been forced to take similar action due to the volatility of the sector and declining asset values. crypto.
“This complete reorganization is the best way to protect platform assets and maximize value for all stakeholders, including customers,” said Stephen Ehrlich, CEO of Traveler.