Canadian-based crypto exchange Voyager Digital files for Chapter 11 bankruptcy protection. LedesmaLyllah reports in this morning's First Mover Americas.
Voyager joins Three Arrows Capital in filing for bankruptcy. Three Arrows, however, filed a Chapter 15 petition tied to an ongoing liquidation effort ordered by a court in the British Virgin Islands., Voyager’s loan book accounted for nearly half of its total assets, and nearly 60% of that loan book was composed of loans to Three Arrows.
While FDIC insurance would indeed protect bank-held cash deposits up to $250,000, it would not cover cash converted to stablecoins. Commentators including Coppola haveMoreover, the FDIC insurance kicks in in the event of a bank failure – in this case, Voyager was banked by Metropolitan Commercial Bank. There is no protection in the event of a Voyager failure.
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