FDIC launches investigation into bankrupt Voyager Digital
According to the agency, the cryptocurrency broker provided customers with false information by claiming that their assets were protected by its program
09.07.2022 - 09:00
489
2 min
0
What’s new? The US Federal Deposit Insurance Corporation (FDIC) has begun investigating the marketing strategy of the bankrupt crypto broker Voyager Digital. The company has previously reported that any funds deposited are covered by FDIC insurance, thanks to its partnership with Metropolitan Commercial Bank, which, unlike Voyager, has FDIC insurance. Thus, deposit insurance does not protect customers against default, Voyager’s bankruptcy, freezing of funds, or loss in value of products, Bloomberg reports.
What else does the outlet report? Wording published on Voyager’s website in 2019 said the insurance protection would come into effect in the “rare event your USD funds are compromised due to the company or our banking partner’s failure.” The statement was later changed to read as follows:
“In the rare event your USD funds are compromised, you are guaranteed a full reimbursement (up to $250 000), so the cash you hold with Voyager is protected.”
Meanwhile, Metropolitan Commercial Bank recently issued a statement informing Voyager customers that FDIC insurance coverage is only available in the event of bankruptcy of the bank itself, not in case of Voyager’s bankruptcy.
Statement by Metropolitan Commercial Bank
Voyager situation. On July 1, the platform suspended all operations, including withdrawals. It had about $685 million in cryptocurrency in its accounts, while the volume of loans issued exceeded $1,1 billion. Half of that amount was allocated to the bankrupt hedge fund Three Arrows Capital.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 790
BTC
+0.39%
-
Ethereum
$3 326.58
ETH
-1.15%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.51
XRP
+17.58%
-
Dogecoin
$0.412079
DOGE
+6.47%
-
Cardano
$1.04
ADA
+24.75%
-
Stellar XLM
$0.36251
XLM
+29.36%
-
Bitcoin Cash
$488.97
BCH
+0.19%
-
Polkadot
$6.62
DOT
+11.32%
-
Litecoin
$92.72
LTC
+3.3%