• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Banks Authorized For Crypto Activities, Confirms Federal Reserve Chair Powell
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Banks Authorized For Crypto Activities, Confirms Federal Reserve Chair Powell
Crypto Bitcoin BTC BTCUSD

Crypto Fallout: Voyager Faces User Backlash Over Funds Refund

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto lending firm Voyager posted an update on its “restructuring process” and how it will impact its crypto users. Last week, the company filed for bankruptcy following a default on a $650 million loan issued to investment firm Three Arrows Capital (3AC).

Related Reading | Celsius Replaces Its Lawyers And Repays $20 Million Debt To Aave

Voyager recently halted withdrawals, deposits, and other operations on its platform. The company is allegedly planning “an efficient path to resume account access and return value to customers”.

The crypto lending platform claims users reassured clients with USD deposits. The company clarified that their deposits are held in a special bank account called For Benefit of Customers (FBO) with the U.S. banking institution Metropolitan Commercial Bank of New York (MCB).

In practice, this means users’ deposits are allegedly protected by the Federal Deposit Insurance Corporation (FDIC). This protects funds of up to $250,000 per Voyager client in the case of bank failure, but not if the crypto lending firm goes bankrupt.

However, Voyager clarified that they don’t hold their clients’ USD deposits. The MCB has been entrusted with this responsibility. Therefore, clients should get their USD funds without further issues once the company completed “a reconciliation and fraud prevention process”.

Crypto users are less lucky as Voyager clarified that they would receive a mix of assets and much of the re-fund process seems to rely on 3AC. The company expects to hold the investment firm accountable and used that money to pay its clients.

Users will receive Voyager tokens, shares, or crypto in a pro-rata or proportionate allocation related to the 3AC recovery, the “newly reorganized company” and other factors which seem far from the control of the company. On the precise amount each user will receive, Voyager said:

At this stage, we are proposing that customers will receive their crypto as described above. However, the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets.

Crypto Lending Firm’s Plan Susceptible To Change

On Twitter, Voyager expressed their concerns and their anger about this plan. The majority of the users simply want their funds back as they were before operations were halted and dismissed the idea of being paid in Voyager shares.

In that sense, the company seems willing to negotiate with its users and provide them with an opportunity to vote on the best course of action. Voyager said:

We put together a restructuring plan that would preserve customer assets and provide the best opportunity to maximize value.  In addition, the Company is pursuing various strategic alternatives to evaluate the value of the standalone company compared with a third-party investment or sale.

Related Reading | Ethereum 2.0 Weekly Deposits Have Slumped Down To Lowest Ever

At the time of writing, the total crypto market cap stands at $888 billion with sideways movement in the past weeks.

Crypto total market
Crypto total market cap trends to the downside on the 4-hour chart. Source: Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

US Fed Just Quietly Removed a Major Barrier to Crypto Banking, Here's What That Means

US Fed Just Quietly Removed a Major Barrier to Crypto Banking, Here’s What That Means

34 minutes ago
crypto, Bitcoin

Japan Eyes Crypto ETFs And Lower Taxes With Digital Assets Reclassification Proposal

1 hour ago
US FHFA to Study Use of Crypto Holdings in Mortgage Qualification Criteria

US FHFA to Study Use of Crypto Holdings in Mortgage Qualification Criteria

7 hours ago
Crypto

Crypto Profits Could Be Off-Limits To Presidents, Families Under New Proposal

14 hours ago
Chainlink – Mastercard Deal to Let 3 Billion Cardholders Buy Crypto Onchain

Chainlink – Mastercard Deal to Let 3 Billion Cardholders Buy Crypto Onchain

15 hours ago
Top Altcoins to Buy Now as Pompliano's ProCap Announced $1B Merger after $750M Raise

Top Altcoins to Buy Now as Pompliano’s ProCap Announced $1B Merger after $750M Raise

18 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Say goodbye to volatility anxiety, a new choice for XRP and...

    5 hours ago
  • PAIRMiner: Earn Bitcoin and Dogecoin Daily with a Free...

    6 hours ago
  • New encryption model: Get rid of the anxiety of watching...

    9 hours ago
  • Earn $9,800+ a day! As Bitcoin (BTC) breaks through...

    9 hours ago
  • [Limited time 72 hours] Register ETHRANSACTION during the...

    10 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.