Voyager Seeks Bankruptcy Protection Amid Crypto Credit Crisis

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NEW: Crypto lender Voyager Digital has become the latest high-profile crypto company to file for bankruptcy in recent days. nikhileshde realDannyNelson report

Voyager joins Three Arrows Capital in filing for bankruptcy. Three Arrows, however, filed a Chapter 15 petition tied to an ongoing liquidation effort ordered by a court in the British Virgin Islands., Voyager’s loan book accounted for nearly half of its total assets, and nearly 60% of that loan book was composed of loans to Three Arrows.

While FDIC insurance would indeed protect bank-held cash deposits up to $250,000, it would not cover cash converted to stablecoins. Commentators including Coppola haveMoreover, the FDIC insurance kicks in in the event of a bank failure – in this case, Voyager was banked by Metropolitan Bank of New York. There is no protection in the event of a Voyager failure.According to the filing, Voyager Digital, Ltd.'s equity holders include Alameda Research Ventures LLC and Alameda Ventures Ltd.

Source: Loan Digest (loandigest.net)

 

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nikhileshde realDannyNelson This is very depressing news, especially in the current situation.

nikhileshde realDannyNelson That’s two failed crypto projects by Mark Cuban. I had a terrible experience with Voyager. I mentioned I would be surprised if they stayed in business another six months. That was in December. Close! People have options now, focus on them or polish your resume.

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lookner nikhileshde realDannyNelson They shouldn't allow going bankrupt.

nikhileshde realDannyNelson Could be a good thing in the long run. Doesn't mean they're going out of business. Chapter 11 is just a reorganizing of financial debts/assets... and possibly come out better afterwards.

nikhileshde realDannyNelson Can't imagine how many people lost their usdt this way

lookner nikhileshde realDannyNelson Non American…… peeps. If a company like coinbase or Gemini fail, perhaps then worry. But it ain’t a shock to see the non-American exchanges failing.

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nikhileshde realDannyNelson I hope Ripple gonna file too and Brad goes to jail

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nikhileshde realDannyNelson No!

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nikhileshde realDannyNelson They filed three petitions: Voyager Digital Ltd is in Toronto, Voyager Digital Holdings is in NY, and Voyager Digital LLC is in NJ

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nikhileshde realDannyNelson I guess that means what I have over there is gone now..

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