← Voyager Digitalreviewed 2026-10-17 · 31 claims checked
Fact-check findings
What an automated fact-checker found when it re-read Voyager Digital against the sources the page cites. Only the most recent review is shown.
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These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed 6unverifiable 1link rot 1partially supported 4confirmed 197 corrections pending · 0 applied
disputed
6 claimsThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #9[disputed][awaiting moderator]in section: FTX / Alameda Entanglement
“That deal collapsed when FTX itself filed for bankruptcy in November 2022 and Bankman-Fried was arrested on fraud charges.”
reviewerThe FTX acquisition collapsed because FTX filed for bankruptcy in November 2022 and Bankman-Fried was arrested on fraud charges.The sentence juxtaposes the bankruptcy filing and the arrest as though contemporaneous with 'November 2022'; the arrest actually occurred roughly a month later, in December 2022.Proposed correction (not yet applied)That deal collapsed when FTX itself filed for bankruptcy in November 2022; Bankman-Fried was arrested on fraud charges in the Bahamas the following month, in December 2022. - #10[disputed][awaiting moderator]in the timeline
“FTX files for bankruptcy and Sam Bankman-Fried is arrested, causing the FTX acquisition of Voyager's assets to collapse.”
reviewerFTX files for bankruptcy and Sam Bankman-Fried is arrested in November 2022.This timeline entry is dated 2022-11 and bundles two events under that single date; the arrest did not occur in November. The date field itself ('2022-11') is correct for the bankruptcy filing, so only the event text (which implies simultaneity) needs correction, not the date.Proposed correction (not yet applied)FTX files for bankruptcy, and the following month Sam Bankman-Fried is arrested on fraud charges, causing the FTX acquisition of Voyager's assets to collapse. - #21[disputed][awaiting moderator]in section: SEC and State Regulatory Actions
“The SEC objected to both the FTX and Binance.US acquisition deals on the grounds that the distribution of Voyager's VGX token and other crypto assets to customers could constitute the unregistered offer or sale of securities under Section 5 of the Securities Act of 1933.”
reviewerThe SEC objected to both the FTX and Binance.US acquisition deals on VGX-token securities grounds.Extensive search found no record of the SEC objecting to the FTX acquisition on VGX/securities grounds; that objection (well documented) applied only to the subsequent Binance.US deal. The claim that the SEC objected to 'both' deals on these grounds appears to be an overstatement.Proposed correction (not yet applied)The SEC objected to the Binance.US acquisition deal on the grounds that the distribution of Voyager's VGX token and other crypto assets to customers could constitute the unregistered offer or sale of securities under Section 5 of the Securities Act of 1933. - #25[disputed][awaiting moderator]in section: Creditor Recovery and Distributions
“Creditors who received both distributions were estimated to have recovered approximately 70% of their total allowed claims.”
reviewerCreditors who received both distributions recovered approximately 70% of total allowed claims.No court filing or primary source located states a 70% cumulative recovery. The best-supported math (35.72% initial + ~25% from the $484M in additional recoveries) points to roughly 60%, not 70%. This figure recurs in the summary and in timeline[15] as well.Proposed correction (not yet applied)Creditors who received both distributions were estimated to have recovered approximately 60% of their total allowed claims. - #26[disputed][awaiting moderator]in the summary
“creditors received partial distributions estimated at approximately 70% of claims across multiple tranches through 2024.”
reviewerCreditors received partial distributions estimated at approximately 70% of claims across multiple tranches through 2024 (summary).Same underlying overstatement as the Creditor Recovery and Distributions section and timeline[15]; grouped under the same defect.Proposed correction (not yet applied)creditors received partial distributions estimated at approximately 60% of claims across multiple tranches through 2024. - #27[disputed][awaiting moderator]in the timeline
“Second distribution to Voyager creditors commences via USD-denominated checks; combined with first distribution, total estimated recovery reaches approximately 70% of allowed claims.”
reviewerSecond distribution combined with the first brought total estimated recovery to approximately 70% of allowed claims.Third occurrence of the same unsupported ~70% figure.Proposed correction (not yet applied)Second distribution to Voyager creditors commences via USD-denominated checks; combined with first distribution, total estimated recovery reaches approximately 60% of allowed claims.
unverifiable
1 claimNo source the reviewer could reach confirms or contradicts the claim.
- #13[unverifiable][awaiting moderator]in section: Chapter 11 Bankruptcy Filing
“At the time of filing, Voyager disclosed approximately $658 million in assets, $355 million in customer cash, and $168 million in cryptocurrency.”
reviewerAt filing, Voyager disclosed approximately $658 million in assets, $355 million in customer cash, and $168 million in cryptocurrency.None of the three sources cited for this claim contain these specific figures. Independent search turned up different contemporaneous numbers instead (over $110 million company-owned cash/crypto, more than $350 million in customer cash held at Metropolitan Commercial Bank, and approximately $1.3 billion of crypto on the platform). Could not locate a source for the $658M/$355M/$168M breakdown as stated.
link rot
1 claimA cited source no longer resolves or no longer says what the page attributes to it.
- #31[link rot][awaiting moderator]in section: Chapter 11 Bankruptcy Filing
“https://www.restructuringmatters.com/2022/07/cryptocurrency-platforms-three-arrows-capital-and-voyager-digital-resort-to-bankruptcy-for-relief/”
reviewerThe restructuringmatters.com URL is a live, current citation.Not fully dead — the content survives at a new domain — but the cited URL itself no longer resolves directly and should be updated to the live address.Proposed correction (not yet applied)https://www.crowellfintalk.com/2022/07/cryptocurrency-platforms-three-arrows-capital-and-voyager-digital-resort-to-bankruptcy-for-relief/
partially supported
4 claimsThe cited evidence supports part of the claim but not all of it.
- #2[partially supported][awaiting moderator]in section: Company Background and Business Model
“At its peak in early 2022, Voyager reported approximately 3.5 million users and $5.9 billion in assets under management.”
reviewerAt its peak in early 2022, Voyager had approximately 3.5 million users and $5.9 billion in assets under management.The two figures come from different quarters: 3.5 million users is a Q1 2022 figure paired with $5.8B in assets that quarter, while $5.9-6.0B in assets was the year-end 2021 figure (with only 3.2M users). The combined '3.5 million users and $5.9 billion' snapshot conflates two reporting periods; the true peak in assets was arguably year-end 2021, not 'early 2022'. - #14[partially supported][awaiting moderator]in section: Chapter 11 Bankruptcy Filing
“The company listed more than $1.7 billion owed to approximately 3.5 million customers.”
reviewerThe company listed more than $1.7 billion owed to approximately 3.5 million customers.The $1.7 billion figure is independently confirmed (by the CFTC, not the sources cited in this section). The '3.5 million customers' figure appears to be the company's total registered-user count (also cited elsewhere on the page) rather than the bankruptcy's formal creditor list, which contemporaneous reporting put at roughly 100,000. The two concepts are conflated. - #18[partially supported][awaiting moderator]in section: CFTC Enforcement Action Against Stephen Ehrlich
“The CFTC alleged that between February and July 2022, Ehrlich and Voyager operated an unregistered commodity pool, pooling over $2 billion in customer digital assets and transferring approximately $650 million worth of those assets to a high-risk third-party counterparty — identified in the complaint as Three Arrows Capital — on an unsecured basis without adequate due diligence.”
reviewerCFTC alleged Ehrlich/Voyager operated an unregistered commodity pool Feb-July 2022, pooling over $2B, transferring $650M to a counterparty identified in the complaint as Three Arrows Capital, marketed as a 'safe haven' with 12% yields.Every figure and date is confirmed by the CFTC's own press release except the specific claim that the complaint 'identified' the counterparty as Three Arrows Capital by name; the press release anonymizes it as 'Firm A.' The identity as 3AC is widely assumed/reported elsewhere but not confirmed as named in the cited document. - #22[partially supported][awaiting moderator]in section: SEC and State Regulatory Actions
“Alabama, Oklahoma, Texas, Kentucky, Vermont, and Washington followed with their own legal actions, collectively asserting that Voyager's Earn Program constituted the offer and sale of unregistered securities.”
reviewerAlabama, Oklahoma, Texas, Kentucky, Vermont, and Washington took legal action against Voyager's Earn Program alongside New Jersey.The list of six states in the page omits Indiana, which multiple sources (including Voyager's own contemporaneous disclosure) list as one of the eight states taking action.
confirmed
19 claimsThe cited evidence supports the claim as written.
- #1[confirmed][no action needed]in section: Company Background and Business Model
“Voyager Digital was founded in 2018 in Jersey City, New Jersey, by Stephen Ehrlich, Philip Eytan, Gaspard de Dreuzy, and Oscar Salazar.”
reviewerVoyager was founded in 2018 in Jersey City by Ehrlich, Eytan, de Dreuzy, and Salazar.Core founding facts (year, founders, roles) are corroborated across multiple sources. Jersey City location is commonly reported though not explicit in the crypto.news text itself. - #3[confirmed][no action needed]in section: Company Background and Business Model
“The company was publicly traded on the Toronto Stock Exchange and OTC markets in the United States.”
reviewerVoyager was publicly traded on the Toronto Stock Exchange and OTC markets in the US.Confirmed via independent sources even though the page's own cited source (crypto.news) only mentions the earlier CSE/OTCQB listing and omits the 2021 TSX uplisting. - #4[confirmed][no action needed]in section: Three Arrows Capital Exposure and Collapse
“The loan consisted of approximately $350 million in USD Coin (USDC) and 15,250 Bitcoin.”
reviewerThe 3AC loan consisted of approximately $350 million USDC and 15,250 Bitcoin.Figures match independently verified reporting. - #5[confirmed][no action needed]in section: Three Arrows Capital Exposure and Collapse
“Three Arrows Capital was ordered to liquidate by a court in the British Virgin Islands on June 27, 2022, after suffering losses exceeding $4.2 billion across 2021 and 2022.”
reviewerThree Arrows Capital was ordered to liquidate by a BVI court on June 27, 2022, after losses exceeding $4.2 billion across 2021-2022.Directly confirmed by the cited source. - #6[confirmed][no action needed]in section: FTX / Alameda Entanglement
“Alameda Research extended a $485 million bailout package to Voyager consisting of approximately $200 million in cash and USDC and $300 million in Bitcoin.”
reviewerAlameda extended a $485 million bailout consisting of ~$200 million cash/USDC and ~$300 million BTC.The BTC leg was reported at approximately $285 million rather than $300 million, a minor rounding difference within the page's 'approximately' hedge. - #7[confirmed][no action needed]in section: FTX / Alameda Entanglement
“Alameda Research had borrowed funds from Voyager and also became a significant equity investor in the company.”
reviewerAlameda had borrowed funds from Voyager and was also a significant equity investor in the company.Confirmed via independent reporting. - #8[confirmed][no action needed]in section: FTX / Alameda Entanglement
“Voyager's bankruptcy advisors selected a bid from FTX US to acquire Voyager's assets for approximately $1.422 billion in September 2022.”
reviewerFTX US's winning bid for Voyager's assets was approximately $1.422 billion in September 2022.Figure and process confirmed. - #11[confirmed][no action needed]in section: FTX / Alameda Entanglement
“Voyager's estate subsequently reached a $445 million settlement with the FTX bankruptcy estate, recovering funds that Alameda had borrowed from Voyager and funds tied to the pre-bankruptcy bailout.”
reviewerVoyager's estate reached a $445 million settlement with the FTX bankruptcy estate.Confirmed and the cited page loads correctly. - #12[confirmed][no action needed]in section: Chapter 11 Bankruptcy Filing
“Voyager Digital Holdings, Inc., and its affiliates filed petitions for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York on July 5, 2022.”
reviewerVoyager filed Chapter 11 in SDNY on July 5, 2022.Confirmed. - #15[confirmed][no action needed]in section: FDIC and Federal Reserve Cease and Desist
“On July 28, 2022, the FDIC and the Federal Reserve Board issued a joint cease-and-desist letter to Voyager Digital demanding the company immediately correct false and misleading statements about its deposit insurance status.”
reviewerFDIC and Federal Reserve issued a joint cease-and-desist letter to Voyager on July 28, 2022 over false FDIC-insurance claims.Confirmed by primary regulator press release. - #16[confirmed][no action needed]in section: FTC Enforcement Action
“Voyager and its affiliates agreed to a judgment of $1.65 billion, which was suspended to allow the remaining assets to be returned to customers through the bankruptcy proceedings.”
reviewerFTC settlement: Voyager agreed to a suspended $1.65 billion judgment.Confirmed directly from primary source. - #17[confirmed][no action needed]in section: FTC Enforcement Action
“in June 2025, the Ehrlichs agreed to pay $2.8 million to resolve the FTC's charges, and Stephen Ehrlich agreed to a ban on marketing or selling retail products or services used to buy, sell, deposit, or trade cryptocurrency.”
reviewerIn June 2025, the Ehrlichs agreed to pay $2.8 million and Stephen Ehrlich accepted a marketing ban to resolve FTC charges.Confirmed, including the exact date matching timeline[16]. - #19[confirmed][no action needed]in section: CFTC Enforcement Action Against Stephen Ehrlich
“In September 2025, a federal court entered a consent order requiring Ehrlich to pay $750,000 in disgorgement to defrauded customers through Voyager's bankruptcy liquidation procedures, imposing a three-year ban on commodity trading registration, and permanently enjoining him from violating anti-fraud provisions of the Commodity Exchange Act.”
reviewerIn September 2025, a federal court entered a consent order: $750,000 disgorgement, three-year trading ban, permanent injunction against Ehrlich.Confirmed directly from the primary CFTC source. - #20[confirmed][no action needed]in section: CFTC Enforcement Action Against Stephen Ehrlich
“CFTC Commissioner Kristin N. Johnson stated publicly that Voyager was 'no better than a house of cards.'”
reviewerCFTC Commissioner Kristin N. Johnson said Voyager was 'no better than a house of cards.'Quote confirmed verbatim in substance from the primary source. - #23[confirmed][no action needed]in section: SEC and State Regulatory Actions
“In March 2022, New Jersey's Bureau of Securities issued a cease-and-desist order against Voyager's interest-bearing accounts.”
reviewerIn March 2022, New Jersey's Bureau of Securities issued a cease-and-desist order against Voyager's Earn Program.Confirmed and internally consistent with the timeline entry. - #24[confirmed][no action needed]in section: Creditor Recovery and Distributions
“Of approximately $627 million in digital assets available for initial distribution, over $490 million (approximately 79%) was withdrawn by creditors by July 23, 2023.”
reviewerOf ~$627 million available for initial distribution, over $490 million (~79%) was withdrawn by creditors by July 23, 2023.Figures and date corroborated by the plan administrator's court status report. - #28[confirmed][no action needed]in section: Failed Binance.US Acquisition and Liquidation
“Binance.US agreed in December 2022 to acquire Voyager's crypto assets and customer deposits in a deal valued at approximately $1.02 billion.”
reviewerBinance.US agreed in December 2022 to acquire Voyager's assets for approximately $1.02 billion.Confirmed. Note: one cited source in sources_used (Banking Dive) carries a headline citing '$1.3B' for this same deal, which appears to conflate Voyager's total assets with the deal price; the page body correctly uses $1.02 billion. - #29[confirmed][no action needed]in section: Failed Binance.US Acquisition and Liquidation
“On April 25, 2023, Binance.US abruptly withdrew from the deal, citing a 'hostile and uncertain regulatory climate in the United States.'”
reviewerOn April 25, 2023, Binance.US withdrew from the deal citing a 'hostile and uncertain regulatory climate.'Confirmed. - #30[confirmed][no action needed]in section: Failed Binance.US Acquisition and Liquidation
“Customer recovery under the liquidation plan was estimated at approximately 35% of original claims at the time of plan confirmation, compared to the 72–73% estimated recovery that would have been available had the Binance.US deal closed.”
reviewerLiquidation plan approved May 17, 2023; recovery fell to ~35% vs. the 72-73% projected under the Binance.US deal.Confirmed, both the 35% figure and the 72-73% comparison figure.
How this fits together. The reviewer reads the published page and its cited sources and records one finding per claim. A human moderator decides whether each proposed correction is applied; those decisions, and the score changes they cause, appear in the audit log. Earlier review runs are not shown here; only the latest reflects the page as it stands.