Voyager Digital Lied Over $250,000 FDIC Insurance

Voyager Digital Lied Over $250,000 FDIC Insurance

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  • Voyager Digital disinformed users over the degree of FDIC insurance on its platform
  • The business tweeted in 2020 that user deposits approximately $250,000 in USD were guaranteed
  • However, this insurance just covers a collapse of the platform’s partner bank, not Voyager Digital itself

Voyager Digital consumers who were informed that their USD holdings on the platform were safeguarded by Federal Deposit Insurance Corporation (FDIC) have actually had their peace of minds ambushed nearly immediately. The loaning platform, which revealed the other day that it was applying for insolvency, relocated to assure USD holders on the platform that they would have access to their holdings after specific difficulties were cleared with its partner bank, Metropolitan Commercial Bank. The FDIC protection in location for Voyager users covers the collapse of the bank, not the platform, implying that lots of might have invested under incorrect pretences.

Voyager Digital Claimed Deposits Were Insured

Voyager Digital applied for insolvency the other day, simply days after stopping withdrawals, ending up being the current victim of the crypto credit crunch. In revealing the insolvency, Voyager Digital notified USD holders that their deposits would be gone back to them “after a reconciliation and scams avoidance procedure is finished with Metropolitan Commercial Bank.”

This assertion is made partly on the back of a presumption that FDIC security encompasses USD deposits on the platform, as Voyager Digital notified its users in November 2020:

Have you heard? USD accepted Voyager is FDIC guaranteed approximately $250 K. Our consumers’ security is our leading concern. Start growing your crypto portfolio today.

— Voyager (@investvoyager) November 12, 2020

However, the contract in location in between Metropolitan Commercial Bank and Voyager Only covers collapse of the bank, not the collapse of the platform, as was validated the other day by the bank:

FDIC insurance protection is readily available just to secure versus the failure of Metropolitan Commercial Bank. FDIC insurance does not secure versus the failure of Voyager, any act or omission of Voyager or its staff members, or the loss in worth of cryptocurrency or other possessions.

This indicates that those who invested their USD onto the Voyager Digital platform on the back of assertions from the platform that USD deposits were guaranteed approximately $250,000 now discover themselves in the position of this security blanket being ripped from under them– a carpet pull of the greatest order.

It’s reasonable to state that this oversight did not go undetected:

well someone’s gon na get taken legal action against lol.https:// t.co/ ea4Q1xKbv9

— ⚯ Michel de Cryptadamus ⚯ (@Cryptadamist) July 2, 2022

Court for 3-5 years

— FROG-E-NOMICS (@SHIBAATTACKNOW) July 2, 2022

If there are any missteps in the procedure of getting USD back to consumers, as one may anticipate their might be offered the Voyager Digital scenario today, these clients will feel appropriately aggrieved that they were lied to, and might well look for to take legal action if there are any problems in getting their deposits.

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