Источник Cointelegraph.com, New York, USA
Заголовок Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and CeFi
Дата 20220623

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Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and
CeFi

Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi
and CeFi

Traders brace for more bad news after headlines revealed that Voyager Digital
had lent $655 million to Three Arrows Capital. Is another crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
sell-off on the way?

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The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to
meet its financial obligations on June 15 and this caused severe impairments
among centralized lending and staking providers like Celsius and Babel Finance• Экономика » Финансы » Доходность

• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Доходность

.

On June 22, Voyager Digital, a New York-based digital assets lending and yield• Экономика » Финансы » Доходность

• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Доходность

company listed on the Toronto Stock exchange, saw its shares drop nearly 60%
after revealing a $655 million exposure to Three Arrows Capital.

Voyager offers crypto trading and staking and had about $5.8 billion of assets
on its platform in March, according to Bloomberg . Voyager's website mentions
that the firm offers a Mastercard debit card with cashback and allegedly pays
up to 12% annualized rewards on crypto deposits with no lockups.

More recently, on June 23, Voyager Digital lowered its daily withdrawal limit
to $10,000, as reported by Reuters .

The contagion risk• Страхование » Риск spread to derivatives contracts

It remains unknown how Voyager shouldered so much liability to a single
counterparty, but the firm is willing to pursue legal action to recover its
funds from 3AC. To remain solvent, Voyager borrowed 15,000 Bitcoin ( BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin )
from Alameda Research, the crypto trading firm spearheaded by Sam
Bankman-Fried.

Voyager has also secured a $200 million cash loan and another 350 million USDC
Coin (USDC) revolver credit to safeguard customer redemption requests. Compass
Point Research & Trading LLC analysts noted that the event "raises
survivability questions" for Voyager, hence crypto investors question whether
further market participants could face a similar outcome.

- Unsecured derivatives and options trading on Deribit

- $650 million of unsecured debt with Voyager

- Offering protocols/portfolio companies 8-10% APY on their cash balances

What else? — Dylan LeClair (@DylanLeClair_) June 22, 2022

Even though there is no way to know how centralized crypto lending and yield• Экономика » Финансы » Доходность

• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Ценные бумаги » Доходность

firms operate, it is important to understand that a single derivatives
contract• Экономика » Предпринимательство » Сделка counterparty cannot create contagion risk• Страхование » Риск.

A crypto derivatives exchange could be insolvent, and users would only notice
it when trying to withdraw. That risk• Страхование » Риск is not exclusive to cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
markets, but is exponentially increased by the lack of regulation and weak
reporting practices.

How do crypto futures contracts work?

The typical futures contract offered by Chicago Mercantile Exchange• Объект организация » Организации по алфавиту » Организации на Ch » CME (CME• Объект организация » Организации по алфавиту » Организации на Ch » CME) and
most crypto derivatives exchanges, including FTX, OKX and Deribit, allow a
trader to leverage its position by depositing margin. This means trading a
larger position versus the original deposit, but there's a catch.

Instead of trading Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin or Ether ( ETH ), these exchanges offer derivatives
contracts, which tend to track the underlying asset price but are far from
being the same asset. So, for instance, there is no way to withdraw your
futures contracts, let alone transfer those between different exchanges.

Moreover, there's a risk• Страхование » Риск of this derivatives contract• Экономика » Предпринимательство » Сделка de-pegging from the
actual cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта price at regular spot exchanges like Coinbase, Bitstamp
or Kraken. In short, derivatives are a financial bet between two entities, so
if a buyer lacks margin (deposits) to cover it, the seller will not take the
profits home.

How do exchanges handle derivatives risk• Страхование » Риск?

There are two ways an exchange can handle the risk• Страхование » Риск of insufficient margin. A
"clawback" means taking the profits away from the winning side to cover the
losses. That was the standard until BitMEX introduced the insurance• Страхование fund,
which chips away from every forced liquidation to handle those unexpected
events.

However, one must note that the exchange acts as an intermediary because every
futures market trade needs a buyer and seller of the same size and price.
Regardless of being a monthly contract• Экономика » Предпринимательство » Сделка, or a perpetual future (inverse swap),
both buyer and seller are required to deposit a margin.

Crypto investors are now asking themselves whether or not a crypto exchange
could become insolvent, and the answer is yes.

If an exchange incorrectly handles the forced liquidations, it might impact
every trader and business• Экономика » Предпринимательство involved. A similar risk• Страхование » Риск exists for spot exchanges
when the actual cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in their wallets are shorter than the number
of coins reported to their clients.

Cointelegraph has no knowledge of anything abnormal regarding Deribit's
liquidity or solvency• Экономика » Предпринимательство » Финансовая Устойчивость. Deribit, along with other crypto derivatives exchanges,
is a centralized entity. Thus, the information available to the general public
is less than ideal.

History shows that the centralized crypto industry lacks reporting and
auditing practices. This practice is potentially harmful to every individual
and business• Экономика » Предпринимательство involved, but as far as futures contracts go, contagion risk• Страхование » Риск is
limited to the participants' exposure to each derivatives exchange.

The views and opinions expressed here are solely those of the author and do
not necessarily reflect the views of Cointelegraph. Every investment and
trading move involves risk• Страхование » Риск. You should conduct your own research when making a
decision.

#Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin

#Cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта

#Business• Экономика » Предпринимательство

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============= Итог: 4,1172 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#Bitcoin 3,3875 ; Экономика#Финансы#Доходность 2,4375 ; Экономика#Предпринимательство#Финансовая Устойчивость 2,4375 ; Экономика#Предпринимательство#Сделка 2,5500 ; Страхование#Риск

============= Объекты: организации CME

============= Географические объекты: 1 41.881111111,-87.637500000 Объект организация#Организации по алфавиту#Организации на Ch #CME


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