Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more