Voyager Customers Won’t Get Crypto Back 😱

Decentralised News

Transcript

00:00Welcome back to Decentralized News. So I did do a video just talking about the situation with

00:07Voyager and just the withdrawal freeze and it just turns out now that they are coming out and

00:14actually confirming that some customers may not get their crypto back at all and the amount that

00:21affected customers receive back actually hinges upon their success in recouping the $650 million

00:28from Three Arrows Capital which defaulted on loans but of course if we look at that whole situation

00:34with Three Arrows it is very very unlikely that anything is going to turn out from that because

00:42there's actually a another news story saying that the co-founder of Three Arrows did break out his

00:49silence and actually did lash out at the firm's liquidators and he recently sort of

00:58hit back saying you know there's a lack of cooperation and you know they are not necessarily

01:06going through the whole situation in a manner that is seeming like it's going to be in the best

01:15interest of the clients or the customers at the end of the day of the people that they owe money to

01:21so this is talking about Three Arrows you can look out for that story I might do a story on that

01:27actually but they did admit Voyager Digital themselves that customers may not receive their

01:33cryptocurrency deposits back and warned that the exact numbers will actually depend on this

01:40restructuring process and last week they did file obviously for chapter 11 bankruptcy protection to

01:47create what they call an efficient path to resume account access and return value to customers

01:53so it has 1 billion or 1.3 billion in crypto assets on the books the firm actually claims it's owed more

02:01than 650 million by Three Arrows alone which has defaulted of course like we've mentioned executives

02:08are also saying that they're working on restoring access to USD deposits and their announcement suggests

02:26that those with cash tied up in Voyager will end up receiving their money back in full of course because

02:33you know they are probably trying to stay away from further regulatory uh crackdowns or other fines or

02:41possibly prosecution of the actual executives if they're mingling with this uh fiat theft if you want

02:48to call it that but um yeah so the firm did offer a clarification on the issue of whether the funds were

02:56protected by the federal deposit insurance corporation which is the FDIC customers would

03:03only benefit from FDIC if the bank where their funds are held went under meaning there's no insurance if

03:13Voyager fails so all of this has uh instilled obviously little comfort in the customers especially

03:20this plan to compensate them with the platforms tokens as well as shares in a newly reorganized company

03:26with uh many um sort of customers being very very very uh unhappy and others even cautioning that uh

03:35voyages plan would be susceptible to change because it'll be it'll need to be approved by code as well as

03:42creditors and account holders and uh trading deposits withdrawals and loyalty rewards remain suspended on

03:49voyager following in the footsteps of celsius network of course which pulled the rug about a month ago so

03:57guys i am sorry to say that it doesn't look very bright on the voyager story neither does it on the celsius

04:06story or any of these stories at the moment things still looking a little bit shaky of course blockfire customers

04:13should be a little bit more relieved because of uh ftx and how they came in and stepped in with

04:19that uh injection of capital or in that buyout so let me know what your thoughts are and if you're

04:24somebody who's been affected by this whole saga what you're doing about it and uh you know what you

04:30think should be the uh you know the proper course of action i've been caught out in some of these before

04:35unfortunately i managed to pull out my money unfortunately rather out of celsius before that

04:41and i also did lose money before though in cred if any of you remember it was another centralized

04:49platform claimed to be uh regulated in california it was going well for a while and one day we just

04:56found out that our monies had been lost and since then nothing has come off it and sometimes you know

05:04you just have to take your losses and just learn to do your risk um management a little bit better

05:11i've learned definitely from my time since then and that's why i decided early i was keeping money in

05:18a lot of these centralized uh yield earning platforms nexo celsius etc throughout the bull run because it just

05:25made sense but uh as soon as i started to see the market really come down i decided to pull my funds out

05:32and currently i've actually decided to pretty much remove all of my uh capital off of our centralized

05:38exchanges in general keeping it in non-custodial wallets and later interest so you might want to

05:46do the same but of course no financial advice let me know what your thoughts are like share subscribe

05:50turn on the notification bell check out our discord and our telegram server and i'll see you in the next

05:56peace

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