Voyager Faces Bankruptcy and Shrinking Crypto Portfolio
Voyager, a bankrupt crypto lender, is slowly making efforts to compensate its customers. The company previously held nearly $413 million in crypto-assets, but since enabling withdrawals, it has experienced an outflow of $250 million worth of assets. As a result, Voyager’s crypto portfolio has shrunk by 39.46%. Currently, Voyager holds $176.38 million worth of crypto, including Bitcoin, Ether, USDC, SHIB, and MATIC. The firm has a Clean Asset ratio of 96.15% and a stablecoin balance of almost $19 million. The United States Bankruptcy Judge Michael Wiles approved Voyager’s liquidation plan in May, allowing the company to compensate customers with approximately 36% of their cryptocurrency deposits. Gemini has also announced support for withdrawals for victims of the Voyager bankruptcy case.
Key Points:
- Voyager’s crypto portfolio has shrunk by 39.46% due to an outflow of $250 million worth of assets.
- Voyager currently holds $176.38 million worth of crypto, including Bitcoin, Ether, USDC, SHIB, and MATIC.
- The company has a Clean Asset ratio of 96.15% and a stablecoin balance of nearly $19 million.
- United States Bankruptcy Judge Michael Wiles approved Voyager’s liquidation plan, allowing customers to recover around 36% of their cryptocurrency deposits.
- Gemini has announced support for withdrawals for victims of the Voyager bankruptcy case.
Hot Take:
Voyager’s bankruptcy and shrinking crypto portfolio highlight the risks associated with the crypto lending industry. Customers should exercise caution when entrusting their assets to such platforms and consider diversifying their holdings across multiple secure wallets. The support from Gemini for the victims of the Voyager bankruptcy case is a positive development, providing some relief for affected individuals.
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