Voyager Digital
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anchored·5LZAH4…P7VJSummary
Voyager Digital was a US-based cryptocurrency brokerage and lending platform founded in 2018 that grew to 3.5 million users and $5.9 billion in assets before filing for Chapter 11 bankruptcy on July 5, 2022, following a $650 million loan default by Three Arrows Capital. The company's collapse resulted in customers losing access to funds, multiple federal regulatory actions against the firm and its CEO Stephen Ehrlich, and the failure of two successive acquisition deals by FTX and Binance.US. After a court-approved liquidation plan in May 2023, creditors received partial distributions estimated at approximately 70% of claims across multiple tranches through 2024.
Connected Entities
10 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Celsius Network→mentioned with→Bitcoin(70%)
- Celsius Network→mentioned with→Ethereum(60%)
- Voyager Digital→mentioned with→Binance(70%)
- Voyager Digital→mentioned with→Bitcoin(70%)
- Voyager Digital→mentioned with→Celsius Network(75%)
- Voyager Digital→mentioned with→Ethereum(60%)
- Voyager Digital→mentioned with→USD Coin (USDC)(75%)
- Voyager Digital→mentioned with→Alameda(65%)
- USD Coin (USDC)→mentioned with→Ethereum(80%)
- + 19 more
Timeline(18 events)
2018
Voyager Digital founded by Stephen Ehrlich, Philip Eytan, Gaspard de Dreuzy, and Oscar Salazar in Jersey City, New Jersey.
crypto.news29 March 2022
New Jersey Bureau of Securities issues cease-and-desist order against Voyager's interest-bearing Earn Program, alleging it constitutes the sale of unregistered securities.
CoinDesk18 June 2022
Alameda Research, the trading arm of Sam Bankman-Fried, extends a $485 million bailout package to Voyager as the company faces liquidity pressure following the broader crypto market downturn.
Bloomberg27 June 2022
Three Arrows Capital ordered to liquidate by a court in the British Virgin Islands; the hedge fund owes Voyager approximately $650 million.
Wikipedia / Three Arrows CapitalJuly 2022
Voyager Digital suspends all customer trading, deposits, and withdrawals, citing market conditions and the Three Arrows Capital default.
Fortune5 July 2022
Voyager Digital Holdings, Inc. and affiliates file for Chapter 11 bankruptcy protection in the Southern District of New York.
TechCrunch28 July 2022
FDIC and Federal Reserve Board issue joint cease-and-desist letter to Voyager demanding it immediately correct false and misleading representations about FDIC deposit insurance coverage.
FDIC.govSeptember 2022
FTX US selected as winning bidder for Voyager's assets at approximately $1.422 billion following a two-week auction process.
FortuneNovember 2022
FTX files for bankruptcy and Sam Bankman-Fried is arrested, causing the FTX acquisition of Voyager's assets to collapse.
CNBC19 December 2022
Binance.US announces agreement to acquire Voyager's crypto assets and customer deposits for approximately $1.02 billion.
CNBC23 February 2023
SEC files formal objection to the Binance.US acquisition, alleging the deal involves the unregistered offer or sale of securities including Voyager's VGX token.
CoinDesk25 April 2023
Binance.US withdraws from the $1.02 billion Voyager acquisition, citing a 'hostile and uncertain regulatory climate in the United States.'
CoinDesk17 May 2023
Bankruptcy Court for the Southern District of New York approves Voyager's Chapter 11 liquidation plan; estimated creditor recovery falls to approximately 35% of claims.
Finance MagnatesJune 2023
First in-kind digital asset distribution to Voyager creditors commences; over $490 million of the approximately $627 million available is withdrawn by July 23, 2023.
CoinTelegraph12 October 2023
FTC and CFTC simultaneously announce enforcement actions against Voyager Digital and former CEO Stephen Ehrlich. FTC reaches $1.65 billion settlement (suspended) with Voyager; CFTC files fraud complaint against Ehrlich alleging commodity pool fraud and registration failures.
FTC.gov / CFTC.gov31 July 2024
Second distribution to Voyager creditors commences via USD-denominated checks; combined with first distribution, total estimated recovery reaches approximately 70% of allowed claims.
Benzinga27 June 2025
FTC announces Stephen Ehrlich and his wife agreed to pay $2.8 million and that Ehrlich accepted a ban on marketing or selling retail cryptocurrency products or services.
FTC.gov15 September 2025
CFTC obtains federal court consent order requiring Stephen Ehrlich to pay $750,000 in disgorgement, imposing a three-year commodity trading registration ban, and permanently enjoining him from CEA anti-fraud violations.
CFTC.gov / BloombergDecision Log
- hash: 8mHCvByj3N6FwniqwH4JDAzmkSAXQDrfLwrgVRkBRX9c
- hash: J6qFWZ66yb8JDYwBAhiSDJQ9rg8QqsDs58x1qRhApatX
- hash: 6avZmaAb7x7UdLGg9GiRKophXzFy9SZ5PELgAMCpS5wS
This investigation is cryptographically anchored to the Solana blockchain (3 events). 26 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/8/2026, 2:30:47 AM
last updated: 8/14/2026, 1:11:25 AM
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