Some hotels quote Dh1,000 to Dh8,000 for standard hotel room that would usually start at around Dh345 per night
In another major setback to the crypto industry, the US-based crypto broker and lender Voyager Digital on Tuesday filed for bankruptcy.
The firm, through the bankruptcy procedure, intends to maximise value for all its stakeholders, it said in a statement. It aims to pay its employees in the usual manner and continue their primary benefits and certain customer programmes without disruption. Trading, deposits, withdrawals and loyalty rewards on the Voyager platform remain temporarily suspended.
Founded in 2018, it has approximately $1.3 billion of crypto assets on its platform, plus claims against Singapore-based Three Arrows Capital ("3AC") of more than $650 million.
Three Arrows Capital has defaulted on various loans and is in deep trouble.
"This comprehensive reorganisation is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," said Stephen Ehrlich, CEO of Voyager in the statement.
Ehrlich further said that Voyager Digital requires 3AC to take "deliberate and decisive action now". He added that the bankruptcy process provides an efficient and equitable mechanism to maximise recovery.
The value of Bitcoin as a crypto asset has tumbled 55 per cent so far in 2022. The crypto market, at large, has fallen by about a third since it hit its peak sometime in November last year and left many investors poorer.
ALSO READ:
Some hotels quote Dh1,000 to Dh8,000 for standard hotel room that would usually start at around Dh345 per night
When feeling stuck in life, it's important to revise your thinking patterns
A guide on the channels to report complaints about violations at your workplace
The standout performances came from Arwa Saleh, Mohammed Al-Dhahouri and Amna Al-Loughani on the Taekwondo mat
The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Matches will be played on an exclusive Saturday with no Premier League fixtures taking place on the same day
The plant to be set up in Al Bihouth area is expected to process 900,000 tonnes of waste into energy
The minor didn't take his cellphone or wallet, assuming he'd return quickly