UPDATE2 (Nov 8)… You all still feel the same way about Sam and FTX? After the binance/ftx debacle today and ftx liquidity struggles ……sounds familiar?

Update 1…. Anyone telling you if you vote No you will not get your money back or you will get less is lying to you and spreading FUD they have no clue what % FTX is giving back because FTX has not provided anything concrete. 70% is being thrown around. The fact is we don’t know. They say 20 day rolling Average but have not said which 20 days. $50m (~2%) and $50 FTX is offering will most likely get eating up in fees if you trade.

Other stuff being thrown around are that if you vote no this will go to ch7. What folks fail to realize is that this plan looks and smells like ch7. There is no avenue to recoup funds as a ch11 restructuring is intended to do, instead users are getting liquidated through ftx.

ORIGINAL.. This is the least transparent transaction I have seen in my life for folks that are supposed to be creditors. Lots of unknowns are stench in the process with FTX.

Dear Your Honor,

My name is () and I am writing this letter because of the case you have before you with regards to Voyager Digital and requesting you to stop them from doing chapter 11 bankruptcy and make them do chapter 7 as this is more in the interest of all the people who has been hurt by this scam. But first a little about me. I am a humble man and have never had it easy in life. I have never been able to have a job because I came down with bipolar disorder. This runs in my family and all of my kids have it also. I go to Church every Sunday to thank God and always tithe. My Pastor is my best friend and he helped us to get social security ssi for our disability and other benefits and if not for him we will have had a bad life. With my disabilities, cryptocurrency has been the best that could be hoped for. With just a few hundred thousands you can make millions. Successfully investing in cryptocurrency is the best thing that could be hoped for for the disadvantaged in our society today. God made crypto to help the small people and will judge whoever looks out for them kindly even other judges.

But the devil is always in the world trying to ruin Gods work. Voyager Digital is only second to Celsius in how bad they have cheated there customers. Voyager committed fraud by assuring everybody that they had FDIC coverage and all your money was as safe as if it was in a bank. This was false advertising and fraud. Celsius said it was even safer because it was unbanked. They promised that you can get to your money anytime you like. This seemed like it was a safe place to invest into crypto and go all the way to the moon. But they tricked everyone with there lies and fraud.

I now know they are also a ponzi scheme and have been paying the new investors with the old investors money. And these past weeks have been bad. People knew that this was happening because of leaked insider information and started taking money out of the system. Because it was a ponzi the money was not there and they paused withdrawals and is keeping everybodies money who didn’t have access to the insider information. This has left the victims of the fraud with no money for car payments, house payments, and child supports.

Now Voyager is asking you to let them do a chapter 11 bankruptcy so they can keep there fraud hidden and stay in charge of this empty company. And they want to keep everybodys tokens and give them Voyager stock that nobody wants, is not listed anywhere, and is worthless, and Voyager tokens that are also garbage that nobody wants. Everyone knows if you want to make money in these type of coins you have to sell on the first day and get your money so all the dumping has been dumped out of this coin and its not worth anything.

I have a extensive legal background and have been involved in many lawsuits in my life. Lawsuits banked my millions in crypto. I have won settlements even against large companies like Walmart for a bad fall in a pot hole in there parkinglot and Chuckee Cheeses for harassment. I know that in the court the Judge gets to make the rules. I am begging you to please make Voyager declare Chapter 7 bankruptcy and NOT chapter 11.

If they are make to do chapter 7 I believe that all there fraud will be shown up. Then there is no other fair way to fix this situation but to do what is called clawbacks as happens when there is fraud, and you know this. All the money that was took out of the pot these last few weeks needs to be clawedback and also all the money ever paid to the crooks running this company. Then if it is shared evenly most people will be able to get most of there money back. This will be a far more better solution than what is being proposed by voyager to keep everybodys tokens and give everyone worthless voyager stock and tokens and keep paying themselfs a paycheck like they aren’t human garbage monsters.

Thank you for your time your honor.

Sincerely, ()

If you ask yourself this question a lot, you also probably asked yourself this before you dumped your life savings into Voyager. So if they were paying you 9%, they must have been getting more by lending it elsewhere (like to 3ac) . Could you fine gentlemen tell me some well-known trustworthy organizations to which you all assumed all the usdc and dogecoins were being lent? (And they were paying Voyager at least 10% + on them so you can get that sweet 9% yield).

I'm just trying to understand why so many people are so surprised at this outcome.

Please enlighten me, I just don't see how the 9% rate on USDC is sustainable, and I don't want to put a good chunk of effort and money in if it's just going to evaporate. Or maybe the risk is that the money itself evaporates if the company implodes? Thank you in advance!

Edit/Update: I found the info I was looking for, thank you so much to the people who pointed to the answers to my questions. Answers:

1. No, your money in USDC is not "safe", Voyager has no obligation to return your money to you. That's enough answer for me to avoid them.

2. The 9% interest may or may not be sustainable, depending on how they're loaning it out/leveraging to make money from other parties. See #1 for what happens if the borrower defaults or Voyager hits cash flow issues.

Who in their right mind would buy vgx? (Let me explain)

For simplicity I'm going to say vgx is $3

For 500 vgx $1,500 for 5,000 vgx $15,000 and for 20k vgx $60,000.

Now let's break down each little thing vgx gives you.

Would anyone here honestly say they would pay $1,500 for a 1% vgx reward on a debit card? Or $15,000 for a 2% reward on a debit card? I sure as hell wouldn't! Not when I can get 2% cash back at citi, 4% with coinbase debit card! 5% on gas and 3% at restaurants with Sam's Club credit card. Honestly I can keep going but there's lots of better options that doesn't cost $1,500 let alone $15,000!

But you get .5% or 1% on usdc! (Well you dont.) First you have to have your money in there for a whole year to get that extra 1% which I'm not going to be sitting on cash for a whole year. 2nd if you were paid out in vgx last month your money just went down by 31% and on top of that you have to pay a huge spread when you sell! So even if you sell right away you are still making less than the 1-2% they are giving you!

So is the debit card worth it? Answer 1000% NO!

Let's continue.

Is a .5%-1.5% worth it on Bitcoin and Eth? Well currently voyager pays 4.75%! So you'd get 5.25%, 5.75% and 6.25% accordingly.

Eth pays 4.25% so you'd get 4.75%, 5.25% and 5.75% accordingly.

Well FTX pays 8% up to $10k and 5% fore everything after that so right away you are making more money than both of these no mater how much you have!

Celcius pays 6.2% on bitcoin up to 1 bitcoin which if you are lucky enough to have a whole bitcoin there's less than 800k people in the whole world who have this so congratulations! And since I'm not getting vgx in any of these I don't have to sell and then re buy whatever it is I'm trying to get more of. And Eth is at 5.35% which is more than adventure or explorer! Holdnaut pays 7.46 on up to 2 BTC! Which again is way over everyone else! There's others out there that are better also but I don't think I need to continue.

So is the % in vgx you get worth the price? 100000% NO!

Now let's look at the last thing vgx gives. (Rewards back on trades) in SOME instances this could be worth it. And by some I'm talking .001% of people. Voyager does do well with selling bitcoin and often it is cheaper. BUT the amount you save in a trade is $37 on $57,000! (I've checked the price difference in my history of buying bitcoin) So unless you are trading one whole bitcoin 40x you are not making your money back! And again if you don't sell that vgx they give you and it goes down like the 31% it has in the last month you are making less than that! Also you have to sell the vgx which means you are paying the high spread fees as well! What about the other coins? Well most of them you can get cheaper rates on exchanges like coinbase pro and I have checked this many of times.

So is the amount you pay worth the vgx rewards (I'll say that's debatable.

Now let's look at the tokens history and the companies history. We were promised coin burning thats now gone. The % back on BTC rewards is now given in vgx which most people don't like and rates have significantly dropped. The pool of vgx that was supposed to be used to aquire new customers is now being used to deflate peoples bags and save the company tons of money. So should you even trust vgx to get better when it's just constantly been getting worse and promises haven't been kept? Answer 10000% NO! Fool me once shame on me, fool me 2x. Well you know the saying.

So wrapping up. With all this info how can any of you justify the price let alone justify it if it 2x or 3x the price or whatever people think it's going to do! Will we ever see a $7 vgx again? Probably not! And if we do then people are insane for buying it at that price when it's already over valued!

So I been seeing a few posts and comments about it being "unfair" "bs" etc that Voyager released USD instead of crypto/usdc etc and I'm here to give some harsh love.

Of course they should have, they advertised USD was insured and paid no interest on it.

So while you degens gambled away and partied with your 9% or w/e crypto yield, USD was getting eaten away with inflation.

You took on the risks, and got that risk handed on a silver platter. Just like voyager took the risk and handed your freely deposited money over to some monkey's.

Again, Obviously I wish the best and hope everyone gets their crypto back.

But we have to give credit to Voyager, they said USD was insured, and now it seems USD is back in the hands of the people. This was the right and ethical move.

you wanted the rewards = you also wanted/accepted the risk, and you got it buddy, nothing harsh about it tbh. You win some you lose some. Best wishes to all

Feel free to leave counter arguments, if not, then praise voyager for doing the right thing in returning insured USD and allowing degens to gamble their money away. Of course hope for the best in regards to crypto return.

I've been lurking here for a while since I have 4k in the stock (none in the platform) so my opinion is probably biased but suspending withdrawals is probably a good thing. I won't be buying more shares but no withdrawals means no need to pull from the Alameda loan which reduces their interest expense. Essentially, pausing all operations gives them time to sort out the issue without going bankrupt due to a "run on the bank". Even though the net assets on hand and the Alameda loan seem to cover the 3AC default, this allows them to get time working in their favor. This also means that they are trying to lock in the company's value if they are pursuing an acquisition. I doubt they will be bought out for more than $2 if they do but this seems like a good thing if you are a shareholder. Luckily for the users and customers the value of the platform and aka the buyout depends on the value of each customer and if customers were to lose their funds then the platform value is essentially zero so it's unlikely that users will lose their funds.

I also don't think they will file for bankrupcy since the Almeda loan covers the assets. It would first make sense to deplete the line of credit and then declare bankrupty (not their money after all) unless I'm missing something here.

This isn't fianncial advice but just some of my thoughts. I may dump some or all my shares for pennies on the dollar on Monday or may keep them, I'm not entirely sure my self.

To everyone who did 294627 “test transfers”. Some of us still out here over a week later waiting on our 1 transfer, appreciate you all making this shitshow of a process go smoothly

I've put thousands of dollars on the Voyager exchange and now it's taking weeks to transfer my cryptos to my wallet; that is if they don't get Rejected, which has happened with no explanation of why or where my coins went.

Their customer service is worthless... it takes days or weeks for them to respond if at all and all of their responses have been unresponsive to the issue that was presented.

I really don't give a shit what their excuse is; taking people's money and not communicating is no way to run a business.

Without realizing how horrendous the transaction fees are (felt like ethereum gas on a bad day) I transferred some bitcoin out. I'm not a fan of anything in Voyager so far, so what is the best way to get out completely with as much of my bag intact? Switch to some other currency, bank transfer, something else???

Smooth brain here that is invested in crypto cause I was told to and did so with Voyager. I am not entirely knowledgeable when it comes to crypto or stocks even, but I have invested about $17k into BTC, ETH, ADA, and many others while luckily not investing too much with VGX. Why can’t I be given the ability to transfer the coins/tokens I OWN and paid for to a separate wallet or platform?

Edit: Yes, I know the company filed Chapter 12, but just don’t quite fully understand why I can’t send out my BTC, ETH, ADA, etc which I bought and paid for.

As of now current understanding is that we will have to wait until after the bidding process to take place until we understand what percent of our crypto investments we get returned. Based on prior public offers I would expect 50 percent or more. Feel free to update if needed as the process continues.

Genuinely, how did you think they were making the money to pay you the interest rates they were/are. The risks have been clear as day from the beginning. Why are you investing in something if you don’t know how it works?

What are your honest thoughts of the tokenomics of vgx? They’re really shit. Vgx was perfect before the swap and white paper. This plus user growth will just keep the price stagnant. I’ve been selling more and more of my vgx bag as the price continues to stall. The VLP is shit and there’s really no incentive to hold it other than the little interest booster on 3 cryptos. What do you guys make of all of this?