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Investors mourn impending losses after Voyager files for bankruptcy

 


Crypto investors big and small are licking their wounds after crypto exchange Voyager Digital recently filed for bankruptcy. The affected users are now threatened with considerable losses.


As previously reported, Voyager had granted a USD 650 million loan to the crypto hedge fund Three Arrows Capital (3AC), which has run into massive difficulties due to the ongoing crisis in the crypto market and can no longer pay its liabilities . Although Voyager Digital organized a loan for itself in June to compensate for the lack of money, the trading platform surprisingly filed for bankruptcy on July 6th .


Investors must bleed

In a recent report on July 9, Fortune highlighted the consequences of these developments for crypto investors of all sizes.


An anonymous private investor, for example, states that he has almost all of his family's savings - an amount in the six-figure range - on Voyager. These funds are now threatened with total loss.


"I could cry every day," said the anonymous investor. He adds: "I don't even know how to explain this to my wife. We invested our savings in Voyager together because she trusted me to make the right decision.”


As a crypto investor with six years of experience, the person concerned was actually certain after his own research that he could use Voyager without hesitation. He was not aware that the trading platform was lending crypto assets to third parties in the background:


“I didn't know Voyager lent customer money to a hedge fund. If I had known that, I would have been better off leaving my money in the safe at home.”

Not only naive small investors are affected

The crypto influencer Scott Melker, known in the community as The Wolf Of All Streets, is also one of the potential victims of the Voyager bankruptcy, although his losses are far higher.

"I would lose several millions," Melker told Fortune. However, the damage to reputation and the bad conscience of having recommended the crypto exchange to followers, friends and family members are more serious for the influencer than the possible financial damage:

“I realize that everyone is responsible for their own choices, but many might not have chosen Voyager if I hadn't promoted it. To be honest, that's worse than lost money for me."

After all, the crypto trading platform is far from giving up the fight; on the contrary, filing for bankruptcy is intended to be a first strategic step in order to be able to maintain operations and protect the assets of investors. The latter should be compensated in any case, but it is unclear to what extent this will succeed.

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