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id: 453, Created by Stan Vick, Scout
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Since mid-2021, Voyager has been funding its operations through the sale of unregistered securities in the form of Tokens Voyager (VGX).
Voyager has offered and sold Voyager Earn Accounts to retail investors, through which those investors lent crypto assets to Voyager in exchange for Voyager’s promise to provide a variable monthly interest payment. As of March 1, 2022, Voyager had approximately 1,530,000 Voyager Earn Accounts, holding approximately $5 billion in investor assets.
- On March 29, 2022, the New Jersey Bureau of Securities issued a cease-and-desist order, finding that the Voyager Earn Accounts were securities and that Voyager offered and sold these unregistered securities in violation of New Jersey law.
- Despite being on clear notice that their Voyager Earn Accounts constituted unregistered securities, Voyager continued to offer these unregistered securities to retail investors across the United States.
- In mid-2022, the price of cryptocurrency assets declined across the board as did demand for new cryptocurrency investments. This broader market downturn exposed the fragility of Voyager’s investment products and revealed that Voyager did not have enough assets on hand to meet its withdrawal obligations.
- On July 1, 2022, Voyager suspended withdrawals from its platform
- On July 6, 2022, Voyager filed for Chapter 11 bankruptcy.
Despite the SEC has made it clear that digital tokens, such as VGX, often constitute “securities and may not be lawfully sold without registration with the SEC or pursuant to an exemption from registration, Voyager by its actions grossly violated regulations, breaching investors rights.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
13 November 2022
12 September 2023
$VGX Case Update:
- Voyager Digital Holdings Inc. has put forth a settlement offer totaling tens of millions of dollars to address intercompany claims within its corporate structure.
- $VGX informed a New York judge that this post-confirmation agreement aims to resolve ongoing litigation among the Voyager entities.
15 September 2023
Voyager Customer Claim Filing Form: