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Voyager Digital pauses withdrawal, might follow Celsius game plan

By Yugocean | Crypto Champion | 2 Jul 2022

     Voyager Digital, a secure and promising cryptocurrency broker from yesterday, has failed. Voyager has now "temporarily" stopped trading, deposits, and withdrawals, just like Celsius, however, it hasn't made any claims like Celsius has.


Bit The Dust

    In June this year, Voyager obtained a Bitcoin and USDC loan of around $600 million from Alameda Research, the company of young crypto billionaire SBF. Voyager had even stated that it would only use the loan for the convenience of its users and that it would only do so in cases where there would be no other option. The aforementioned loan was valid until December 2024, but there is no knowledge of how Voyager is using that loan. As of right now, bankruptcy is thought to be Voyager Digital's next move.


Public Comprehension

     People's trust in these organisations is eroding as a result of the way they are stopping their operations. However, some experts still hold out hope that numerous large exchanges would purchase these floundering businesses, as the crypto failure might also destroy their industry, and they will hopefully repay consumers' money as well.

Exists a chance?

     Action by SBF's firm FTX presents illustration of the possibility and uncertainty of asserting control over the circumstance.

  •  BlockFi example - FTX has offered a potential scenario to acquire struggling cryptocurrency lender BlockFi for $240 million.
  • Celsius example - FTX made a purchase offer for Celsius as well, but withdrew it because it had no financial wherewithal to absorb a $2 billion loss.

     Since SBF's company provided credit to Voyager, there is a chance that SBF may accept some of the liability. It was also believed that SBF helped Voyager by hope of acquiring it, but only time will tell what will happen next.

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