Voyager reveals massive exposure to troubled crypto hedge fund 3AC
I've posted a summary of the situation at Voyager on my Substack:
Please read the whole post for complete thoughts, but, since I've posted on Commonstock about Voyager's 9% interest rates in USDC, I wanted to follow-up here to say:
1) USD deposits on Voyager are FDIC insured. Any USD held on the platform is safe. If you hold USDC on the platform and you want to wait this situation out, you can trade your USDC for USD with no slippage and forgo a couple weeks of interest. I recommend doing so, and have done so myself.
2) I was also able to withdraw BTC from Voyager this morning as usual. There have been a few customer complaints on Twitter of not being able to withdraw funds but Voyager has promptly been responding to them and, far as I can tell, is processing withdrawals as usual.
Please feel free to DM me if you want to discuss further, and be careful out there!
Another one is on the verge of freezing withdrawal...
The USD deposits are safe.. who kept USD there?
People own "stable coins" that promise unrealistic interest, most of them with long-term locked deposits, so they can't exchange back into USD...
I have some money (thank God peanuts) in a long-term locked deposit in Nexo and Crypto.com, and it is just a clock bomb. I hope I can exchange back before they also default...