Voyager's Cryptocurrency Saga: Final Transfers and Fiat Payments

In a dramatic turn of events, #Voyager the once-prominent crypto firm has recently made significant moves as it navigates its bankruptcy proceedings. On Saturday, August 12, 2023, Ember, an on-chain data platform, reported that Voyager executed a noteworthy transfer, sending 1,500 #ETH (equivalent to $2.77 million) and 250 billion #SHIB (equivalent to $2.7 million) to the #Coinbase exchange. This pivotal step marks the latest in Voyager's quest to manage its remaining assets and fulfill its obligations.

Closing Chapters: From Tokens to Fiat

Ember's report sheds light on Voyager's meticulous efforts to streamline its remaining assets. The company is collecting all remaining tokens from its wallet address and directing them to its main address. This strategic consolidation reflects Voyager's commitment to tidying up loose ends as it navigates its complex financial landscape.

As the sun sets on Voyager's crypto operations, it seems the firm is poised to initiate its final fiat payment process. Ember's insight indicates that Voyager is preparing to bid farewell to its cryptocurrency claims, opting to settle with its users in USD. This marks a significant transition for both Voyager and its customers, signaling the conclusion of a chapter marked by uncertainty.

The Road to Recovery: User Refunds and Transition

Voyager's journey through bankruptcy has been marked by twists and turns. Earlier this year, on June 24, the platform took a crucial step toward restoring its users' trust by processing withdrawals. This step was a glimmer of hope for users who had faced uncertainty since the firm declared bankruptcy in 2022.

During this redemption process, Voyager allowed users the choice to either claim and withdraw 35.72% of their tokens or await fiat refunds 30 days after the firm's crypto tokens are sold. The move aimed to provide users with a measure of control over their assets, offering both immediate relief and the potential for future recovery.

Reflecting on Voyager's Journey

At its peak, Voyager commanded a user base of 3.5 million individuals, with the majority holding assets valued under $10,000. The firm's presence in the crypto lending sector and its listing on stock markets worldwide positioned it as a promising player in the industry. However, the tumultuous events of the 2021 bear market took a toll on Voyager and its partners, reshaping its trajectory.

As Voyager takes its final steps toward resolution, the recent asset transfers and impending fiat payments serve as a testament to its commitment to honor its responsibilities even in the face of adversity. The journey of Voyager holds lessons for the entire crypto ecosystem, underscoring the importance of prudent financial management and adaptability in an ever-evolving landscape.

#Bitcoin $BTC $SHIB $ETH

#Binance a leading cryptocurrency exchange, has terminated its planned $1 billion asset purchase agreement with bankrupt digital asset broker Voyager, citing the “uncertain regulatory environment in the United States.” The deal was set to proceed just a few days ago, but Binance’s decision to back out has left Voyager disappointed.

The digital asset broker filed for Chapter 11 bankruptcy protection in July 2022 following the collapse of the algorithmic stablecoin TerraUSD. Voyager suspended all activity on its platform in early July, including customer deposits, withdrawals, and trading.

Despite the termination of the deal, Voyager’s chapter 11 plan allows for direct distribution of cash and crypto to customers via its platform.

The company has assured customers that it will move swiftly to return value to them via direct distributions and will provide more information on the next steps and any actions customers need to take in the coming days.

Binance had been in talks to acquire Voyager since December 2022, but the Department of Justice attempted to block the purchase in March, causing delays.

This latest development is another setback for #Voyager , and it remains to be seen what the future holds for the beleaguered digital asset broker.

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A company called Voyager that couldn’t pay its debts has moved a lot of digital tokens to Coinbase, a place where people trade cryptocurrencies.

They moved 1500 Ethereum (which is worth $2.77 million) and 250 billion Shiba Inu (which is worth $2.7 million) to Coinbase recently. It seems like they are doing this to sell their assets and give back money to the people who used their service, but in US dollars.

Voyager began as a crypto broker without fees in 2019. But in July 2022, they asked for bankruptcy.

Voyager gave its users two choices: they could take out 35.72% of their tokens if they asked between June 20 and July 5, or wait for 30 days for Voyager to sell the tokens and pay in US dollars

A company called Arkham Intel, which knows about crypto, says there are about $81.63 million worth of cryptocurrencies left on Voyager’s account. They might sell all of these tokens soon because Voyager is moving them from one place to another.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #Voyager

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CFTC Commissioner Kristin Johnson’s remarks followed lawsuits from both the CFTC and FTC against Voyager and its former CEO, Stephen Ehrlich.

A United States Commodity Futures Trading Commission (CFTC) commissioner has criticized Voyager Digital for its errors, which ultimately resulted in the loss of billions of dollars in customer funds.
CFTC Commissioner Criticizes Voyager for Customer Fund Losses
In an October 12 statement, CFTC Commissioner Kristin Johnson strongly criticized Voyager Digital for its actions, which led to the loss of billions of dollars of customer funds. She pointed out that Voyager engaged in misleading practices, ignored warning signs, and failed to perform adequate due diligence, leaving its customers unprotected.
Johnson likened Voyager’s actions to building a precarious house of cards, highlighting the company’s inability to oversee the activities of its subsidiary investment firms concerning customer funds. She expressed concern that Voyager failed to pressure these investment firms to maintain transparency in handling customer assets, falling short of its custodial responsibilities. This allowed customer funds to be transferred with minimal efforts to safeguard them.
These comments from Commissioner Johnson came in the wake of legal actions taken by the CFTC and Federal Trade Commission against Voyager’s former CEO, Stephen Ehrlich, on October 12. The CFTC’s lawsuit alleges fraudulent activities and registration failures on Voyager’s platform, including its involvement with an unregistered commodity pool.
FTC Proposes Settlement and CFTC’s Stance on Regulatory Authority
On October 12, the FTC proposed a settlement with Voyager, outlining the prohibition of the firm from offering, marketing, or promoting any products or services related to depositing, exchanging, investing, or withdrawing assets.
Voyager, along with its affiliates, has agreed to a judgment of $1.65 billion, which will be used to repay customers during the bankruptcy proceedings.
Meanwhile, CFTC Commissioner Caroline Pham, in her statement on October 12, reaffirmed the regulator’s commitment to taking action against cryptocurrency companies that mishandle customer funds. She emphasized the distinction between managing investor money for trading derivatives and accepting deposits and providing loans.
Pham raised questions about the CFTC’s interpretation of what constitutes a commodity pool operator, suggesting that this interpretation might overstep the agency’s statutory authority and disrupt established legal and regulatory frameworks for institutional and consumer finance.
Notably, in a prior development, Pham had called for the establishment of a cryptocurrency regulatory pilot program by the CFTC on September 7, with the aim of addressing the risks faced by retail investors.
Voyager filed for Chapter 11 bankruptcy in July 2022, revealing potential liabilities ranging from $1 billion to $10 billion, owed to over 100,000 creditors. The cryptocurrency brokerage firm began permitting customer withdrawals in June.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Bankrupt crypto lender #Voyager shifts massive amounts of #ShibaInu coins (SHIB) and #Ethereum (ETH) to #Coinbase.  

Read more on: https://thecryptobasic.com/2023/08/12/voyager-moves-250b-shiba-inu-and-1-5k-ethereum-to-coinbase/

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