Cryptocurrency lenders have declared bankruptcy, so Voyager users may not be able to get all their money back, Bloomberg News report..
according to Filing, Voyager expects users to lose money in the event of bankruptcy. It is unlikely that the account holder will be refunded the full amount of the deposit as the company may be reorganized or sold.
Account holders are more likely to be repaid with cryptocurrency holdings, shares of the restructured company, $ 650 million in outstanding debt recovered from Three Arrows Capital (3AC), and its native token VGX. increase.
Voyager Said Customers with US dollar deposits will receive the full deposit after completing the “Adjustment and Fraud Prevention Process” with Metropolitan Commercial Bank.
US bank Confirmed Voyager has an Omnibus account. However, it was added as follows:
The FDIC Insurance does not protect against Voyager’s failure, the actions or omissions of Voyager or its employees, or the loss of the value of cryptocurrencies or other assets.
On the other hand, the Toronto Stock Exchange pause Trading Voyager stock. The stock exchange is currently considering whether the bankrupt company meets the requirements for continued listing.
Voyager has stored user funds in an asset pool
According to court documents, Voyager did not store the customer’s crypto assets in individual wallets. Lenders have mixed their assets into specific asset pools such as Bitcoin (BTC) and Ethereum (ETH).
Cryptocurrency lenders have $ 1.3 billion in crypto assets on a platform with lenders, including Galaxy Digital LLC, Alameda Research and Wintermute transactions.
Sam Bankman-Fried’s Alameda Research is Voyager’s second-largest debtor, with a debt of $ 376.8 million.
What’s next for users?
Experts say users of bankruptcy cryptocurrency lenders like the Celsius Network may cancel their holdings as bad debts.
Shehan Chandrasekera, CoinTracker’s Certified Accountant and Chief Tax Strategist, told CNBC “No value at all, unrecoverable” It may be amortized.
According to Chandra Sekera,
If your funds become completely worthless and irreparable, you may be eligible to cancel them as non-business bad debts in your tax.
However, this applies if there is a total loss rather than a partial loss. For now, frozen drawers are not a complete loss.
