Voyager Joins The Forced Hodl Club
Looks like the forced hodl club just got a new member, it started with Celsius, then CoinFlex and now it looks like Voyager has thrown in the towel and basically admitting it cannot handle a bank run and pay back all its customers.
Just another event coming out of the Luna disaster.. more to come. Take self-custody of your coins. Today. pic.twitter.com/cHSmUJEPlo
— Lisa⚡️ (@LisaColdstorage) July 1, 2022
Like BlockFi, Voyager seems to have taken quite the ding to their balance sheet as they were exposed to the woes of Three Arrows Capital Ltd., the failing crypto hedge fund that was ordered for liquidation by a British Virgin Islands court and filed for Chapter 15 bankruptcy protection in New York.
We don't know the exposure
At this point in time, each of these CEFI lenders has a different level of obligations to customers and exposure to losses so we cannot say the extent of Voyagers issuers yet.
Voyager is also listed on the Toronto stock exchange and its share price has not been doing too well either, so how much equity they have left to dig them out of this hole is anyone's guess.
Voyager stock price
A saving grace could be the BlockFi deal, given the fact that it seems to have been saved by FTX, which could embolden others to try and save Voyager. If you look at the fact that Nexo, FTX and Bnktothefuture are so keen to save Celsius, then there is clearly an appetite to pick up these companies for pennies on the dollar.
Now there will be some that don't get saved, my guess would be that would be Celsius the way things are going, but the future is anyone's guess.
Get rid of your exposure
If you're A Voyager user and this experience has taught you a valuable lesson and you're keen on getting rid of your Voyager account you can find instructions here
This won't be the end, anytime soon
I don't see these markets turning around anytime soon and with more downside on the way, I think this gets worse before it gets better.
What I do think is a few people will learn that self-custody is the best return and that chasing yield is a waste of time, and that the safety of their funds is worth more than netting a return.
The sad thing is people have short memories and 0nce this is all over, people will STILL use the services that remain, there will always be pigs that are willing to get slaughtered.
Some people are just gluttoned for punishment so who am I to stop them?
As for the companies involved, how the story will end, is anyone's guess
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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Posted Using LeoFinance Beta
But no one in the Crypto world will listen as its all about fast, easy money to the vast majority and Crypto seems to normal and intelligent people into jibbering imbeciles.
Example. If I showed the same person a savings 'account' from an unheard of, or even a well known bank that paid 100% interest, they'd laugh their head off and say it was a scam. Yet, show them an unknown Crypto 'company' that tells them they can earn 2300% APR and they can't throw enough cash at it!
Fucking barmy.
LOL I have to deal with these muppets all the time and explain basic math, even 8% is a madness in this environment but people rationalise all sorts of stupidity because they can't price risk and chase stories not fundamentals. This site is full of these morons
I’m hoping more of these scams go belly up so they drive down the bitcoin price in a force to liquidate. Then I can scoop up more discounted bitcoin!
Posted Using LeoFinance Beta
Can't see it going any other way I think we still have plenty of downward pressure to come, dollar is ripping making debts harder to pay, people will need to get the dollars from somewhere and thats from dumping assets
BTC to $28k this month
Posted Using LeoFinance Beta
I'm hoping for 18k lol
Yep. CeFi failed badly due to greed and irresponsibility. Self custody and proof of reserves are important concepts to learn now.
Posted using LeoFinance Mobile
CEFI and DEFI had their chance to run unregulated, but they failed miserably so they have to accept regulation
Just read the CoinFLEX response today...got the feeling that they are really screwed. Or screwing.
Posted Using LeoFinance Beta
When it comes to bitcoin, you get what you deserve, and it's wonderful, love seeing a market that pays those who are prudent and those who take risks get creamed
Lots of casualties this season...
More to come, nothing like a glass of freshly squeesed shitcoiner tears
😂 yeah, I'm pretty sure you gonna get a refill or two...
Yeah i got fucking shredded by the Voyager OTC stock, bought around $20 during the last bull market and now it's basically worthless. Thank god I never entrusted Voyager with my funds on their brokerage platform
Posted Using LeoFinance Beta
Ouch, that's the reality when it comes to speculating in this space, be it on the token side on the stock side, if you're going to a momentum trader, you're asking for more and more risk
yeah, i got burned to smithereens and i'm left to pick up the pieces now, just as the communists are attempting to execute their plan
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I am a fan of decentralized solutions. I have 1% of my crypto on exchanges at all times. I simply just do not trust anyone with my money but me. If I lose assets keys etc. I am the only one to blame...
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Just because you're using a smart contract doesn't make it any safer, if you're staking funds in a contract, lets say a Liqudity Pool contract, its' easy for me to do a flash loan attack and drain one side of the pair that is more valuable that's just a purely financial attack, as for the contract itself theres always ways to breach them
That is true, but if you attack a smart contract you are not attacking my wallet.
If your wallet has funds in it, it will, also your shitcoin wallet can easily be blacklisted because its dependant on broadcasting via a 3rd party node, if you can't run your own node, you're larping that your shit is decentralised