The news broke out last week when it left all its customers in distressed as Voyager files for chapter 11 Bankruptcy. All the money that belongs to its customers have been put on hold and they are not allowed to withdraw any money out, this created for a panic in the crypto world and all the crypto investors were shaken by this move which nobody had seen coming.
The crypto community now has been more observant with what they are experiencing and are doubting the exchanges they are working with as Voyager was quiet a big firm with it roots in depth with the crypto world. In a statement, the company said it had about $ 1.3 billion worth of cryptocurrencies on its platform and more than $ 350 million in cash on behalf of clients at the Metropolitan Commercial Bank in New York.
Voyager suffered significant losses from its exposure to the crypto hedge fund Three Arrows Capital. Three Arrows Capital went bankrupt last week after defaulting on loans from many companies in the industry, including $ 650 million from Voyager. “We strongly believe in the future of the industry, but due to the continued volatility of the crypto market and the failure of Three Arrows Capital, we need to take these decisive actions,” said Voyager CEO Stephen Erich. I mentioned it in an early tweet on Wednesday.
The shares of a Toronto-listed company have lost almost 98% of its value since the beginning of 2022. Voyager states that he continues to pursue the recovery of money from Three Arrows Capital (3AC), including through court-supervised procedures in the British Virgin Islands and New York. Last week, Voyager stopped all withdrawals, deposits and transactions on the platform due to “current market conditions”. At the time, Erich said Voyager was looking for additional time to explore “strategic alternatives with various stakeholders.” Several other companies have taken similar steps, including Celsius, Babel Finance, and Bold. On Tuesday, Vauld received a bid from competitor Nexo after it went out of service.
The decline in Crypto was due to a significant reduction in risk assets as the Federal Reserve began tightening monetary policy and accelerated after the collapse of Terra, a so-called stable coin company worth about $ 60 billion at its peak. started.
While customers are experiencing this situation reclaim my losses are working with clients to get what is rightfully theirs a spokesperson from reclaimmylosses.com said that they have a special team ready where they only focusing on clients from voyage to help them over come this situation and get the legal advice needed.