{"id":31810,"date":"2022-07-08T05:32:22","date_gmt":"2022-07-08T09:32:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31810"},"modified":"2022-07-08T05:32:27","modified_gmt":"2022-07-08T09:32:27","slug":"fdic-investigates-voyagers-deposit-insurance-claims-report","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fdic-investigates-voyagers-deposit-insurance-claims-report\/","title":{"rendered":"FDIC investigates Voyager’s deposit insurance claims: Report"},"content":{"rendered":"\n
The issue for Voyager has gotten worse as the FDIC is looking into prior allegations made by the cryptocurrency company.<\/h5>\n\n\n\n
\"Report:
Report: FDIC investigates Voyager's deposit insurance claims<\/figcaption><\/figure>\n\n\n\n

The troubled cryptocurrency brokerage firm Voyager Digital\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has apparently come under investigation from the U.S. Federal Deposit Insurance Corporation (FDIC) for making claims that money was FDIC-insured shortly after declaring bankruptcy.<\/p>\n\n\n\n

On Thursday (July 7, 2022), unidentified sources told the Wall Street Journal <\/a>that the Federal Deposit Insurance Corporation is looking into Voyager's marketing. In December 2019, the business posted the following on its website:<\/p>\n\n\n\n

\u201cThrough our strategic relationships with our banking partner, Metropolitan Commercial Bank, all customers\u2019 USD held with Voyager is FDIC insured. That means that in the rare event your USD funds are compromised, you are guaranteed a full reimbursement (up to $250,000), so the cash you hold with Voyager is protected.\u201d<\/p><\/blockquote>\n\n\n\n

Voyager consumers, however, recently discovered that, contrary to what the cryptocurrency company advertised, their savings were not FDIC-insured.<\/p>\n\n\n\n

Furthermore, Voyager<\/a> keeps an omnibus account for just U.S. dollars, not a cryptocurrency, according to a previous statement from Metropolitan Commercial Bank (MCB), a New York-chartered bank and Federal Deposit Insurance Corporation member. The insurance covers the failure of MCB, not Voyager, the bank added.<\/p>\n\n\n\n

\u201cFDIC insurance coverage is available only to protect against the failure of Metropolitan Commercial Bank. FDIC insurance does not protect against the failure of Voyager, any act or omission of Voyager or its employees, or the loss in value of cryptocurrency or other assets.\u201d<\/p><\/blockquote>\n\n\n\n

<\/p><\/blockquote>\n\n\n\n

Shortly after Voyager and its subsidiaries filed for Chapter 11 bankruptcy, <\/a>the most recent development happened. The brokerage company suspended trading, deposits, and withdrawals earlier in July.<\/p>\n\n\n\n

The Southern District of New York received a Chapter 11 bankruptcy filing from the cryptocurrency brokerage company Voyager Digital Ltd. and its two subsidiaries (Voyager Digital LLC and Voyager Digital Holdings). This action comes after the business stopped trading, deposits, and withdrawals on its platform a few days prior.<\/p>\n\n\n\n

Voyager Digital is the most recent cryptocurrency lender to declare bankruptcy. The company, according to a petition, wants to develop a financial strategy that would allow it to restructure its business activities while resolving its debt and creditor issues.<\/p>\n","protected":false},"excerpt":{"rendered":"

The issue for Voyager has gotten worse as the FDIC is looking into prior allegations made by the cryptocurrency company. The troubled cryptocurrency brokerage firm Voyager Digital has apparently come under investigation from the U.S. Federal Deposit Insurance Corporation (FDIC) for making claims that money was FDIC-insured shortly after declaring bankruptcy. On Thursday (July 7, […]<\/p>\n","protected":false},"author":38,"featured_media":31815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/Voyager-Crypto.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31810"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31815"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}