{"id":64149,"date":"2022-07-08T15:15:28","date_gmt":"2022-07-08T12:15:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64149"},"modified":"2025-09-06T12:45:03","modified_gmt":"2025-09-06T09:45:03","slug":"fdic-probes-voyager-digital","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/fdic-probes-voyager-digital\/","title":{"rendered":"FDIC probes Voyager Digital"},"content":{"rendered":"

The US Federal Deposit Insurance Corporation (FDIC) is examining Voyager Digital’s activities. According to the agency, the cryptocurrency broker misled users by claiming that their assets were protected by the agency’s program, Bloomberg reports.<\/p>\n

On July 5, Voyager Digital filed for bankruptcy<\/a> in a New York court. The company’s liabilities are estimated at between $1 billion and $10 billion, with roughly 100,000 customers.<\/p>\n

A similar filing under Chapter 11<\/a> of the U.S. Bankruptcy Code was filed by subsidiary entities \u2014 Voyager Digital Holdings Inc and Voyager Digital LLC. The company expects that the financial restructuring process will \u201cmaximize value for all stakeholders.\u201d<\/p>\n

Voyager holds around $1.3 billion on the platform, more than $350 million in an account at Metropolitan Commercial Bank, and claims against Three Arrows Capital totaling more than $650 million. In addition, the company \u201chas about $110 million in cash and proprietary cryptocurrency assets.\u201d<\/p>\n

The broker had stated that clients’ assets fall under FDIC insurance thanks to its partnership with Metropolitan Commercial Bank.<\/p>\n

\n

\u201cThis means that, in rare cases, if our dollar reserves are compromised, you are guaranteed full reimbursement (up to $250,000), so cash in Voyager accounts is protected,\u201d according to the company’s post<\/a> published December 18, 2019.<\/p>\n<\/blockquote>\n

However, this is a modified statement. According to the Wayback Machine snapshot of the original page<\/a>, the formulation read:<\/p>\n

\n

\u201c[…] in rare cases, when our dollar reserves are compromised due to a fault by the company or our banking partner \u2026\u201d.<\/p>\n<\/blockquote>\n

\n
\"Voyager
Initial Voyager statement.<\/figcaption><\/figure>\n
\"Voyager
Edited Voyager statement.<\/figcaption><\/figure>\n<\/figure>\n

On the Metropolitan Commercial Bank site, it says that the bank operates an \u201comnibus account,\u201d intended for Voyager clients. Assets in that account are FDIC-insured, but coverage is available \u201csolely to protect the bank from bankruptcy\u201d of the financial institution:<\/p>\n

\n

\u201cFDIC insurance does not protect against the collapse of Voyager, the actions or inactions of the company or its employees, as well as losses tied to declines in the prices of cryptocurrencies or other assets.\u201d<\/p>\n<\/blockquote>\n

In a briefing with Bloomberg, an FDIC spokesperson stressed that Metropolitan Commercial Bank is insured by the agency, but Voyager Digital is not. He said the agency’s program does not shield clients of the broker from default, bankruptcy, or the blocking of funds.<\/p>\n

Earlier, provided<\/a> the cryptocurrency broker a loan of 200 million USDC and opened a rolling credit line of 15,000 BTC.<\/p>\n

Earlier, Changpeng Zhao<\/a> criticized the deal and said that he would never have agreed to such an arrangement.<\/p>\n

Follow ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The US Federal Deposit Insurance Corporation (FDIC) is examining Voyager Digital’s activities. According to the agency, the cryptocurrency broker misled users by claiming that their assets were protected by the agency’s program.<\/p>\n","protected":false},"author":1,"featured_media":64150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1725,26,1546],"class_list":["post-64149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fdic","tag-usa","tag-voyager"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=64149"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64149\/revisions"}],"predecessor-version":[{"id":64151,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/64149\/revisions\/64151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/64150"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=64149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=64149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=64149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}