Timeline of the Decline
November 2021
$16.85
All-Time High - Peak euphoria
June 2022
$0.50
3AC default impacts Voyager loans
July 1, 2022
$0.20
Voyager files for bankruptcy
Current
$0.02
Post-collapse trading
What Went Wrong
-
Three Arrows Capital Contagion
Voyager had $650M+ exposure to 3AC. When 3AC defaulted, Voyager lost access to hundreds of millions in customer funds.
-
Unsecured Loans to Hedge Funds
Voyager lent customer deposits to hedge funds like 3AC with minimal collateral, betting on their trading success.
-
Misleading FDIC Claims
Voyager marketed FDIC insurance claims that didn't actually cover crypto deposits, misleading customers about fund safety.