Discussion

• @ehrls15 Stephen Ehrlich on x

  Voyagers, today we began a voluntary financial restructuring process to protect assets on the platform, maximize value for all stakeholders, especially customers, and emerge as a stronger company. Voyager will continue operating throughout. https://www.prnewswire.com/...

• @ehrls15 Stephen Ehrlich on x

  Customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens.

• @tier10k @tier10k on x

  3AC: From crypto royalty to blowing up publically traded companies in the space of a few months, going to be an amazing Netflix original

• @kadhim @kadhim on x

  Crypto broker Voyager Digital has filed for bankruptcy protection after suffering massive losses on its lending to hedge fund 3AC https://cases.stretto.com/...

• @iamdcinvestor @iamdcinvestor on x

  if you had assets on Voyager, i'm sorry, but you're basically gonna be officially rekt they're (predictably) blaming 3AC, but it was their choice same is probably coming for some others talk to an accountant to see if you can write-off your losses based on your local tax laws htt…

• @ahcastor Amy Castor on x

  Here's the email Voyager sent to customers on restructuring. According to the “Plan,” customers with crypto in their accounts will receive a mix of crypto, proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens. https://www.reddit.com/.…

• @ryansadams Ryan Sξan Adams on x

  I can't believe the so-called professionals made such amateur mistakes this cycle. Celsius...what were you thinking. Do Kwon...you knew it wouldn't work. 3AC...common guys. Voyager...you gave an uncollateralized loan to 3AC to gamble in Anchor. Retail money. Recklessly dumb.

• @fatmanterra Fat Man on x

  From Voyager's subreddit. Pretty messed up; we keep talking about these companies throwing around nine-figure sums and make fun of people like Su Zhu, but in the end, they're all still living lavish lives. That $650m wasn't theirs - it was hundreds of people's savings added up. h…

• @ryansgr8 @ryansgr8 on x

  Breaking this down, excluding the USD that is held for the benefit of customers and will be recovered, there are $1,958M digital assets, of which $658M is 3AC exposure. This means ~66% of assets should be recoverable to start, plus whatever 3AC is recovered over time. https://twi…

• @kadhim @kadhim on x

  In a court filing, Voyager's CEO Stephen Ehrlich reveals that the company made its fateful loan to 3AC only in March this year, just a little over 3 months ago. At the time, bitcoin was trading around $40k, so total loan value was around $1bn https://pacer-documents.s3.amazonaws.…

• @simonyusea Simon Yu on x

  Wow it's real https://news.bloomberglaw.com/ ...

• @degenspartan @degenspartan on x

  - crypto in their account - proceeds from the 3AC recovery - common shares in the newly reorganized Company - Voyager tokens gross 🤮 but now im very curious to see whats gonna be the deal for celsius depositors lol https://twitter.com/...

• @frances_coppola @frances_coppola on x

  So when Voyager completes its “reconciliation and fraud prevention” exercise with Metropolitan Commercial Bank, and “discovers” that depositors' USD has been siphoned away, what then?

• @wassielawyer @wassielawyer on x

  Customers are creditors and should organise to participate in this process. Absolutely not the case that you have to take whatever deal is handed to you. Thread on Chapter 11 tonight maybe. https://twitter.com/...

• @simondixontwitt Simon Dixon on x

  This is a version of what our ⁦@CelsiusNetwork⁩ Proposal 3 looks like - We are actively speaking with Celsius about it - Voyager Digital Commences Financial Restructuring Process to Maximize Value for All Stakeholders https://www.prnewswire.com/...

• @tree_of_alpha @tree_of_alpha on x

  We fucked up and gambled with your funds. Good news though, you will get back: -a tiny portion of the crypto you did own and entrusted to us -some money from the 3ac recovery which will amount to probably very little -shares in our company down 97.5% YTD -tokens down 94% YTD http…

• @kadhim @kadhim on x

  Alameda and 3AC were Voyager's biggest borrowers. Alameda extended Voyager a credit line last month to help prop it up, of which Voyager drew $75m. Meanwhile, Alameda owes Voyager $376m🤷‍♂️: https://pacer-documents.s3.amazonaws.co m/ ... https://twitter.com/...

• @teddycleps @teddycleps on x

  in short: “your funds are pretty much gone but don't worry you will instead get shares of this company - yep the same company that just fucked up enormously by losing your funds” https://twitter.com/...

• @punk6529 @punk6529 on x

  ... https://twitter.com/...

• @bowtiednightowl @bowtiednightowl on x

  Interesting. Voyager will propose a plan where depositors (now creditors) will receive equity in the post-bankruptcy reorganized company as part of their recovery (this means customers will get less than the crypto they are owed) https://twitter.com/...

• @etheraltog @etheraltog on x

  the voyager nance deposit address sure is receiving a lot of vgx from the main voyager wallets, what is going on here https://twitter.com/...

• @investvoyager @investvoyager on x

  Voyager Company and Customer Update: https://www.prnewswire.com/...

• @frances_coppola @frances_coppola on x

  Ahah. So Alameda didn't pull its credit line as I thought. Voyager maxed it out but still didn't have enough money to meet its obligations. Amazing what a Chapter 11 filing reveals. https://www.ft.com/... https://twitter.com/...

• @cryptochem0000 @cryptochem0000 on x

  This is so confusing. Are they implying Voyager customers will have to wait out a lengthy bankruptcy process to get a portion of their holdings back via 3AC recoveries? Will every customer receive the same proportionate “combination” of assets for their holdings? https://twitter.…

• @kadhim @kadhim on x

  Sam Bankman-Fried's Alameda trading firm is looking at losses as high as $185m as a result of Voyager's bankruptcy — $75m of equity last year: https://www.prnewswire.com/... — $35m of equity in May: https://www.newswire.ca/... — $75m of unsecured loans: https://cases.stretto.com/…

• @darshanbathija Darshan Bathija on x

  I understand that a lot of our customers are nervous about your funds. We are working tirelessly to ensure your financials are protected. To that end, we've signed an indicative term sheet with @Nexo to acquire up to 100% of Vauld: https://www.theblock.co/...

• @nexo @nexo on x

  In a consolidation effort aimed at the betterment of the space, as well as the strengthening of our presence in Southeast Asia, we've entered exclusive talks with @VauldOfficial for the full acquisition of the Singapore-based company. https://reuters.peek.link/2Brq

• @ahcastor Amy Castor on x

  Nexo claims it's looking to buy ailing crypto platform Vauld. This makes no sense. A new tax law makes crypto trading unappealing to the average trader in India https://t.co/G8P5bQj55M

• @shivamchhuneja Shivam Chhuneja on x

  Officially talks between Nexo and Vauld are underway. Now a term sheet by no means is a guarantee of acquisition but it is a guarantee of definite interest from the second party. This exploratory period however is 2 months for Nexo to look into Vauld, let's see what happens https…

• @grossdm Daniel Gross on x

  interesting. Crypto players are comparing the current situation to the Panic of 1907. So, who is going to be the J.P. Morgan? https://www.cnbc.com/...

• @ryan_browne_ Ryan Browne on x

  A day after suspending operations, beleaguered crypto lender Vauld has entered takeover talks with larger rival Nexo. Nexo's @AntoniNexo compared the current market situation to the “panic of 1907” and said he expects to see more consolidation in #crypto. https://www.cnbc.com/...