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Investors lament over Voyager Capital’s bankruptcy filing

Investors
TL;DR Breakdown
  • Investors rue losses as Voyager Capital folds up
  • Most investors lost their life savings
  • Voyager Capital has plans to repay investors

Investors have been left in the lurch, most of them fighting losses following the bankruptcy filing that was put forward by Voyager Digital some days ago. Most traders on the company’s platform have funds running into millions currently locked on it. In the statement by the majority of the traders, the funds are either crucial to their crypto journey or their life savings.

Investors lose funds running into millions

According to an earlier update, the issues started with Voyager Capital announcing a suspension of all withdrawal activities on the platform. In the statement from several sources, the issues came to life due to a $650 million loan that Three Arrows Capital has refused to pay back.

Although Alameda tried to bail the company out with a $500 million loan last month, it was not enough to help the firm as they filed for bankruptcy. In an article released days ago, Fortune took the liberty to interview some of the platform’s users before it filed for bankruptcy. Some users’ life savings are presently on the platform, while others said they have funds running into millions on the platform.

Voyager Capital plans to repay users

According to an anonymous user of the platform, about 70% of his entire net worth is presently on the platform, with the figures running into thousands. In his interview, the anonymous user mentioned that he had cried almost every day since the announcement. He mentioned that he has not been able to break the news to his wife because she trusted him to use the funds he deposited on Voyager Capital for better things. Although the user mentioned that he carried out a detailed search on the platform before investing, he wouldn’t have made a move if there were signs that the company would lend out funds to Three Arrows Capital.

Asides from the anonymous user, another popular figure in the crypto market also confessed to holding funds running into millions on Voyager Capital. The crypto influencer also mentioned that being caught in the event was shameful because he was always advocating how users could keep their funds safe from platforms like Voyager Capital. The influencer also mentioned that he would likely lose many of his followers across several social media due to his influencer selling Voyager Capital to them. According to the filing, Voyager Capital is set to launch a new business and attempt to pay out users currently owed from the several proceeds it has gotten.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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