A YouTuber uncovered the misleading marketing strategy of Voyager Digital, which filed for Chapter 11 Bankruptcy Protection recently.
Stephen Findeisen is a YouTuber and he investigates online fraud & reports the same to people through his YouTube channel Coffeezilla. On 14 July, Findeisen published a video to uncover the misleading marketing strategy of Voyager Digital platform, which is currently under a situation where its withdrawal services have been paused because of extreme digital assets’ market situation and also to protect the business operations make it again available, company filed for Chapter 11 Bankruptcy Protection.
YouTuber noted that Voyager Digital, which was providing a 9-10% yield, was claiming that its Investment operations were under the safest approach which can easily stand in the crypto winter season but in reality its approach of investment was not safe.
According to this investigation of YouTuber, Voyager Company provided a loan of $654 million to a single company Three Arrows Capital (3AC) and that fund was further invested by 3AC in the Terra ecosystem. After that loan fund, which was invested in the Luna coin became worthless because of the collapse of the Luna coin, the native token of Terra blockchain Network.
Further YouTuber said that Voyager claimed that it was insured with the FDIC (Federal Deposit Insurance Corporation) insurance under the partnership with a legitimate bank. But the company never revealed that insurance only covered their assets in the event of the bank’s failure, not Voyager’s.
YouTuber pointed out the violation of legal steps of Voyager. According to the YouTuber, Voyager filed for Chapter 11 Bankruptcy to restructure its business and print more Voyager money and shares. In the filing, the company didn’t mention its nature, whether it is a stockbroker, commodity broker, or clearing bank but still, the company advertised its services as a brokerage firm.
Read also: Central Bank of Sri Lanka warns citizens against cryptocurrencies
Terra collapse was a big reason behind Voyager’s bankruptcy: Investigation reveals
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