Discussion

• TMX TSX Selma Thaver on x

  TSX Delisting Review - Voyager Digital Ltd. (VOYG)

• @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.

• @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/...

• @adamlevitin Adam Levitin on x

  Two most interesting things in the Voyager bankruptcy petition: (1) Voyager's second largest exposure is to Alameda Research. So there's some recycled capital. Voyager loans Alameda $377M, & Alameda reloans Voyager $75M. Plus Alameda is Voyager's largest shareholder (9.5%). 1/

• @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

• @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…

• @itsmeglinehan Meg Linehan on x

  Very curious to know what happens to the #NWSL player funds as part of their sponsorship. https://twitter.com/...

• @crypto @crypto on x

  ICYMI: Crypto broker Voyager filed for Chapter 11 bankruptcy protection just weeks after getting a lifeline from billionaire Sam Bankman-Fried's Alameda Research https://www.bloomberg.com/...

• @investvoyager @investvoyager on x

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

• @aosipovich Alexander Osipovich on x

  Uh oh, does this mean that @SBF_FTX will need to take a haircut? (on his Voyager investment I mean) https://www.wsj.com/...

• @sbf_ftx @sbf_ftx on x

  @aosipovich if you never miss a flight, you're spending too much time at airports

• @petition @petition on x

  Tough look for our boy @SBF_FTX in the Voyager chapter 11 bankruptcy that just filed, being listed as the #1 unsecured creditor to the tune of that recently provided $75mm. Literally just flushed that money down the f*cking toilet. 👏🏼 @investvoyager https://twitter.com/...

• @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/…

• @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.

• @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…

• @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/...

• @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/...

• @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/...

• @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/...

• @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/.…

• @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/...

• @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…

• @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…

• @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

  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.…

• @matt_levine Matt Levine on x

  @felixsalmon @petition i think that alameda has generally been in the business of making its rescue financings subordinate to customer claims, for some combination of (1) philosophical/marketing commitment to customer protection and (2) more likely to get the deal.

• @matt_levine Matt Levine on x

  @felixsalmon @petition i am not exactly sure but my initial read here is that customer claims *are* unsecured claims (see the coinbase disclosure etc.), so if you're subordinate to customers then you're necessarily subordinate to general unsecured.

• @simonyusea Simon Yu on x

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

• @arjunkharpal Arjun Kharpal on x

  Crypto now has a central bank apparently and his name is Sam Bankman-Fried. The FTX head said he and his companies still have a “few billion” on hand to shore up struggling crypto firms. He is almost acting as a lender of last resort, just like the US Fed https://www.reuters.com/…

• @kateclarktweets Kate Clark on x

  SBF to the rescue https://www.reuters.com/...

• @scaramucci Anthony Scaramucci on x

  World is stabilizing. https://www.reuters.com/...

• @lpm94 Lisa Pauline Mattackal on x

  FTX - the digital asset world's lender of last resort? Sam Bankman-Fried tells @jmccrank FTX has “a few billion” on hand to shore up struggling firms that could further destabilize the industry. https://www.reuters.com/...