Plain English
Voyager Digital was a publicly-traded crypto exchange and lender (TSX: VOYG) founded in 2018. Filed Chapter 11 bankruptcy in July 2022 following Three Arrows Capital default ($650M loss). Assets eventually distributed to creditors via Binance.US acquisition (which fell through) then directly.
How it actually works
Voyager offered interest-bearing accounts and crypto trading via a mobile app. Made an unsecured $650M loan to Three Arrows Capital; when 3AC collapsed, Voyager became insolvent. Bankruptcy proceedings included clawbacks from withdrawals made shortly before the freeze. Creditors recovered approximately 35.7% of claims.
What it means for you
Same lesson as BlockFi and Celsius. The marketing language of “yield” was actually “uncollateralized lending to opaque counterparties.” For HNW users today, the rule is: any platform offering yield must be transparent about where the yield comes from. If the answer is “trading” or “lending” without disclosure of counterparties, treat as high-risk.
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Educational content only. Not investment, tax, or legal advice.