September 26, 2022

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Investors regret the possibility of losing “millions” due to the bankruptcy of Voyager

Investors regret the possibility of losing “millions” due to the bankruptcy of Voyager

Many investors are reeling from Voyager Digital’s recent bankruptcy filing, with some claiming to have “millions” worth of crypto assets or most of their life savings locked onto a crypto exchange.

As stated earlier, Voyager has paused checkouts At the beginning of this month, amid liquidity issues as a result of Three Arrows Capital (3AC). Defaulting on a $650 million loan From the company. Although Alameda supplied the company with $500 million loan In June, Voyager went to file for bankruptcy On the 6th of July.

In the July 9 article, Fortune wire For many Voyager users who have been struggling with filing for bankruptcy recently. Some have put almost all of their life savings on the podium, while others are said to have millions hanging in limbo.

One user, referred to as Robert for the purposes of anonymity, stated that he put nearly six numbers on the platform, which represents 70% of his savings.

“Every day, frankly, I cry,” Robert said, adding, “I don’t know what to say to my wife. As partners, we decided [invest on Voyager]But she trusted me, more than anyone else, to make the right decision.”

As an investor for six years, Robert went on to note that while he did a relative amount of research on Voyager before using the platform, he would never have done so if he knew the company would loan clients money to a hedge fund:

“I had no idea that Voyager would lend [customers’ USDC] to a hedge fund. Had I known it was likely to be loaned, I would probably have kept it in cash in my safe.”

Related: FDIC reportedly scrutinizes Voyager’s digital marketing as complex SBF links emerge

Fortune also spoke to Scott Melker, a popular crypto influencer who is also known as The Wolf Of All Streets online and claims to have seven figures of money stuck on Voyager.

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“Listen, you ran out of millions of dollars,” he said, adding that he was embarrassed by Voyager’s overexposure despite often talking about managing risk and protecting your assets.

Melker has about 851,000 followers on Twitter and 121,000 subscribers on YouTube. He stated that while he would lose out on Voyager, he feels bad about earlier promoting the platform to his fans, friends, and family.

I understand that people make their own decisions, but they wouldn’t have thought about it even if I didn’t bring it [Voyager] for their interest. And honestly, this is worse than losing my own money.”

As part of Voyager’s bankruptcy process, company executives set their intentions to first reorganize the business into a new entity, then repay users via a crypto pool, proceeds from the redemption of Three Arrows Capital (3AC), Voyager tokens and common shares in the newly reorganized company’s company.

It is not clear whether this will result in full compensation for all users or not.