Will I get my money back from Voyager?

Here, Voyager doesn't refer to the space probe launched by NASA in 1977 as part of the Voyager program. But a famous platform in the crypto world.

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What is voyager: What has happened to Voyager

Voyager, established in 2017, is a prominent platform in the cryptocurrency brokerage sector. It offers users the ability to trade an array of digital assets securely and conveniently. Voyager stands out for its commitment to providing a user-friendly experience while prioritizing security measures.

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One of the key aspects that sets Voyager apart is its unique commission-free trading model. This feature has garnered significant attention from investors seeking to maximize their profits without incurring additional transaction fees. By eliminating these fees, Voyager has become a favored choice among users looking to optimize their investment strategies.

Voyager boasts an extensive selection of cryptocurrencies available for trading, including popular options such as Bitcoin, Ethereum, Litecoin, Ripple, and more. This comprehensive range allows users to diversify their portfolios effectively and explore various digital assets within a single platform.

The platform places a strong emphasis on safeguarding user funds through the implementation of robust security protocols. Measures such as encryption technologies and cold storage wallets are employed to mitigate the risk of unauthorized access and ensure the protection of users' assets from potential security threats.

In addition to its desktop platform, Voyager offers a user-friendly mobile application for both iOS and Android devices. This mobile app enables users to manage their digital assets conveniently on the go, providing flexibility and accessibility for traders at all times.

Voyager provides advanced trading tools and features to enhance the user experience. These include real-time market data, customizable price charts, and a variety of indicators to assist users in making informed trading decisions. Features like recurring buys, limit orders, and price alerts empower users to execute trades according to their specific investment strategies and preferences.

Furthermore, Voyager has expanded its services to include an interest-earning program known as the Voyager Interest Program. Through this initiative, users have the opportunity to earn interest on select cryptocurrencies held in their Voyager accounts, potentially generating passive income from their digital assets.

Customer support is a top priority for Voyager, with various contact options available for users to address any inquiries or concerns they may have. Whether through email or live chat, the support team is dedicated to providing timely assistance and ensuring a positive user experience.

As a regulated entity, Voyager adheres to strict legal and compliance standards to ensure the safety and security of its users' assets. By maintaining transparency and regulatory compliance, Voyager aims to build trust and confidence among its user base, reinforcing its reputation as a reliable and trustworthy platform in the cryptocurrency industry.

The main services of Voyager

With a focus on user experience, security, and innovation, Voyager has become known for its diverse offerings and commitment to providing a seamless and rewarding trading experience. Let's explore the main services provided by Voyager:

Commission-Free Trading: One of the key features that has set Voyager apart from traditional brokerage services is its commission-free trading model. This means that users can buy and sell cryptocurrencies without incurring any trading fees, allowing them to optimize their investment strategies and maximize their returns.

Wide Selection of Cryptocurrencies: Voyager offers access to an extensive range of cryptocurrencies, allowing users to build diversified portfolios and explore different investment opportunities within a single platform. Popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many others are available for trading.

Advanced Trading Tools and Features: Voyager provides a suite of advanced trading tools and features to assist users in making informed decisions and executing trades according to their investment strategies. Real-time market data, price charts, customizable indicators, and order types are available to help users analyze market trends and monitor their investments effectively.

Voyager Interest Program: Voyager introduced the Voyager Interest Program, enabling users to earn interest on select cryptocurrencies held in their Voyager accounts. This program provides users with an opportunity to generate passive income from their digital assets while they are not actively trading.

Secure Wallet Services: Voyager offers secure cryptocurrency wallet services, allowing users to store their digital assets safely. The platform utilizes best-in-class security measures, including multi-factor authentication and encryption, to safeguard user funds.

Mobile Application: Voyager provides a user-friendly mobile application available for both iOS and Android devices. The mobile app allows users to trade cryptocurrencies, monitor their portfolios, access real-time market data, and manage their Voyager accounts on the go.

Competitive Pricing and Execution: Voyager leverages its partnerships and liquidity providers to secure competitive pricing and execution for its users. This ensures that users can trade cryptocurrencies at favorable rates and benefit from efficient order execution.

Customer Support: Voyager places a strong emphasis on customer satisfaction and offers dedicated customer support services. Users can reach out to the support team for assistance or to resolve any issues they may encounter while using the platform.

Regulatory Compliance: Voyager operates in compliance with applicable regulations, prioritizing security and legal compliance to ensure a safe and transparent trading environment for its users.

Educational Resources: Voyager provides educational resources and market insights to empower its users with the knowledge and information necessary to make informed investment decisions. These resources include articles, tutorials, and market analysis to help users stay up-to-date with the latest developments in the cryptocurrency industry.

If you are a 100 % freshman in Voyager, here are some instructions for you to follow from zero:

Download and Install the App: You can download the Voyager app for free from the Apple App Store or Google Play Store.

Create an Account: Once the app is installed, open it and click on the “Get Started” button. Then, fill in your email address and create a password. Click on the “Create Account” button.

Verify Your Identity: Voyager may require you to verify your identity and personal information before using the app. This step is necessary to comply with regulations and prevent fraud. You will need to provide your name, date of birth, residential address, and social security number. The verification process usually takes a few minutes.

Deposit Funds: After your account is verified, you can deposit funds into your Voyager account. You can either link your bank account or transfer cryptocurrencies from an external wallet. To link your bank account, select “Bank Transfer” and follow the instructions. To transfer cryptocurrencies, select “Transfer Crypto” and follow the instructions.

Buy and Sell Cryptocurrencies: Once your account is funded, you can start buying and selling cryptocurrencies. Click on the “Trade” button and select the cryptocurrency you want to trade. Enter the amount you want to buy or sell and review the transaction details. If everything looks good, click on the “Confirm” button to complete the transaction.

Track Your Portfolio: Voyager allows you to track your portfolio performance and monitor market trends. You can see your current holdings, gains/losses, and transaction history. Additionally, you can set price alerts and receive notifications when a particular cryptocurrency hits a certain price point.

Withdraw Funds: If you want to withdraw funds from your Voyager account, click on the “Withdraw” button and follow the instructions. You can either transfer funds to your linked bank account or external wallet.

Stay Informed: Voyager offers a news section where you can read the latest cryptocurrency news and market updates. Additionally, Voyager has a blog section where they post educational content and insights on cryptocurrency trading.

How can I get money back from Voyager？

What has happened to Voyager

Recently, you must have heard that some people are struggling to get their money back from Voyager, but what has happened？ Voyager Digital Ltd. has emerged as a prominent player in the cryptocurrency brokerage sector since its inception in 2017. The company was founded by a group of finance and technology professionals with a vision to revolutionize the way individuals invest in digital assets. Headquartered in New York City, Voyager set out to address the growing demand for a secure, user-friendly platform that offers a diverse range of cryptocurrencies for trading.

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In its early days, Voyager identified a need within the market for a comprehensive and accessible solution that could cater to both seasoned traders and newcomers to the world of cryptocurrencies. The team behind Voyager leveraged their expertise to develop a platform that combined cutting-edge technology with a customer-centric approach, aiming to provide users with a seamless and rewarding trading experience.

The launch of Voyager marked a significant milestone in the evolution of the cryptocurrency industry, introducing a new standard of service and innovation to the market. With a focus on transparency, security, and user empowerment, Voyager quickly gained traction among investors seeking a reliable platform to engage with digital assets.

As Voyager expanded its presence and offerings, the platform became known for its commitment to commission-free trading, setting it apart from traditional brokerage services. This unique feature resonated with users looking to optimize their investment strategies and maximize their returns without incurring additional fees.

At the start of 2021, Voyager encountered a surge in user activity and trading volume, leading to strain on its infrastructure. This resulted in occasional technical issues, delays in order execution, and customer support challenges. Despite these setbacks affecting user experience, Voyager remained committed to expanding its offerings and improving services to meet the increasing demand.

The news of Voyager's bankruptcy filing caused ripples across the cryptocurrency industry, as it revealed default on loans amounting to 15,250 BTC and 350 million USDC by Three Arrows Capital in June 2022. Surprisingly, these uncollateralized loans represented more than half of Voyager's loan book, as disclosed in its public filing for Q1 2022. The significant concentration of risk with a single counterparty has raised serious concerns about the exchange's financial stability.

Emphasizing the impact of Voyager's bankruptcy, it was revealed that the majority of the 50 largest unsecured claims were from retail investors, ranging from approximately $9,771,026.39 to $955,417.27. This highlights that Voyager's bankruptcy extends beyond institutional entities, affecting individual investors.

How to reclaim your money from Voyager？

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Creditors holding any of the 67 “supported” tokens, such as popular cryptocurrencies like Bitcoin (BTC) and Ether (ETH), will have the opportunity to directly withdraw a portion of their crypto holdings. However, for creditors possessing any of the 38 “unsupported tokens,” including assets like Solana's SOL and Algorand's ALGO, Voyager will sell those holdings and offer repayment in the form of USD coin (USDC), a stablecoin. This strategic approach is designed to ensure that all customers receive fair value for their assets, providing transparency and stability in the repayment process.

Voyager Digital's reimbursement strategy is geared towards refunding an estimated 35% of customers' cryptocurrency deposits. The approved liquidation plan allows for the distribution of approximately $1.33 billion in crypto assets to customers. Each individual's specific reimbursement amount hinges on their initial deposit and the corresponding share allocated to them during the distribution process. It's important to note that the reimbursement sum may fluctuate based on factors such as the type of cryptocurrency deposited and any applicable deductions or fees.

Additionally, Voyager announced that it will return roughly 35% of customers' cryptocurrency deposits. The approval of Voyager's liquidation plan allows for the distribution of around $1.33 billion in crypto assets to customers.

Voyager's bankruptcy filing, triggered by market volatility and a default on a loan from Three Arrows Capital, resulted in unsuccessful sales attempts. The ongoing legal battle with FTX, aimed at recovering $445.8 million in loan repayments, significantly impacts customer reimbursement. As per court filings, if Voyager succeeds in the litigation, the anticipated recovery increases to 63.74%.

To facilitate reimbursements, Voyager intends to refund customers in the same cryptocurrency they originally held.

To initiate the reclaim process, you need to follow a series of steps:

Factors to Consider During the Reclaim Process

During the reclaim process, several important factors need to be taken into account to ensure a smooth and effective recovery:

Token Balances and Transfer Fees

Check your token balances on Voyager to ensure they are sufficient to cover any associated transfer fees. If balances are inadequate, understand the implications of potential liquidation and receipt of U.S. dollars.

Supported and Unsupported Tokens

Distinguish between supported tokens that can be directly withdrawn and unsupported tokens that may be liquidated with repayment in USD Coin (USDC).

Reimbursement Amount

Understand that the specific reimbursement amount may vary based on factors such as the type of cryptocurrency deposited, and any deductions, or fees applied during the recovery process.

Market Conditions and Legal Battles

Stay informed about Voyager's bankruptcy filing, ongoing legal battles, and market volatility, as these factors can impact the overall recovery process and the percentage of potential reimbursement.

Initiating the Recovery Process

To begin the recovery process, follow the steps outlined above meticulously. It is essential to have a clear understanding of the reclaim process, the timeline involved, and any implications related to insufficient balances or unsupported tokens. By carefully following the instructions provided by Voyager and ensuring compliance with the necessary verification procedures, you can facilitate a successful transfer of your crypto assets to your self-custody wallet.

Monitoring and Verification

After initiating the transfer, it is crucial to monitor the progress closely and verify that the crypto assets have been successfully transferred to your self-custody wallet. Check your wallet regularly to confirm that the assets are accurately reflected and that the transfer has been completed without any issues.

Seeking Professional Advice

Given the complexities involved in the reclaim process and the potential implications for your crypto holdings, it is advisable to seek guidance from qualified financial and legal professionals. They can provide personalized advice tailored to your specific circumstances and help you navigate the recovery process effectively.

Can I Transfer crypto from Voyager to Coinbase？

Transferring cryptocurrencies from your Voyager account to Coinbase is indeed possible. To initiate such a transfer, follow these general steps:

Access Your Voyager Account and Initiate Withdrawal:

Log in to your Voyager account and navigate to the “Withdraw” page for the specific cryptocurrency you want to transfer.

Specify the amount of cryptocurrency you wish to transfer and provide the wallet address associated with your Coinbase account.

Confirm Withdrawal Details and Submit Transaction:

Double-check the withdrawal details, including the transfer amount and destination address, before submitting the transaction.

Monitor Transfer Confirmation and Processing:

Log in to your Coinbase account and wait for confirmation and processing of the transfer. The time required for completion may vary depending on the cryptocurrency and network congestion, typically ranging from a few minutes to several hours.

It's important to keep the following considerations in mind during the transfer process:

Withdrawal Fees and Processing Times: Different cryptocurrencies may have varying withdrawal fees and processing times. Before transferring, ensure you are aware of these details for the specific cryptocurrency you intend to move.

Accurate Wallet Address Entry: Take utmost care to input the correct wallet address associated with your Coinbase account to avoid any errors or potential loss of funds. Double-check the address to ensure accuracy.

By following these steps and considering the important factors mentioned above, you can successfully transfer your crypto assets from Voyager to Coinbase.

Crypto fraud cases: what you have to know

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Beyond the case of Voyager, there are many cases to learn about crypto fraud cases. Knowing this may help you before entering into the world of crypto:

BitConnect: BitConnect, a once-prominent high-yield investment program, faced a catastrophic collapse in 2018 when it was accused of running a Ponzi scheme. The platform enticed investors with promises of substantial returns through its lending and exchange services. However, as red flags emerged, the value of BitConnect's native token plummeted, leading to a swift shutdown of its operations. The fallout resulted in significant financial losses for many participants, triggering legal investigations and widespread condemnation within the cryptocurrency community. The BitConnect debacle served as a cautionary tale, highlighting the perils of investing in schemes that offer unrealistic returns and the importance of thorough due diligence in the crypto space.

Mt. Gox: In 2014, Mt. Gox, once the world's leading Bitcoin exchange, filed for bankruptcy protection after a staggering loss of approximately 850,000 Bitcoins, valued at hundreds of millions of dollars at the time. This massive loss was attributed to a hacking incident that compromised the exchange's security systems. The ensuing turmoil had far-reaching implications, severely impacting the confidence of investors and regulators in the nascent cryptocurrency industry. Mt. Gox's collapse underscored the urgent need for robust security measures and regulatory oversight within cryptocurrency exchanges to safeguard against similar catastrophic events and restore trust in the market.

OneCoin: OneCoin surfaced as a purportedly legitimate cryptocurrency investment opportunity, promising lucrative returns and swift growth. However, investigations later revealed that OneCoin was operating as a fraudulent scheme, akin to a Ponzi or pyramid structure, rather than a genuine cryptocurrency enterprise. The founders and key operators faced legal repercussions, with authorities in various nations taking action against the individuals behind the scam. The OneCoin episode served as a stark reminder of the prevalence of fraudulent activities in the crypto sphere and emphasized the importance of investor awareness and regulatory vigilance to thwart such deceptive practices.

PlusToken: Marketed as an attractive high-yield investment platform, PlusToken lured in a vast number of investors with promises of substantial returns on their contributions. However, it was soon exposed as yet another Ponzi scheme that defrauded participants of billions of dollars. Eventually, law enforcement agencies apprehended the perpetrators, shedding light on the pervasive nature of fraudulent schemes in the cryptocurrency realm. The PlusToken saga underscored the critical need for individuals to exercise caution and conduct thorough research before engaging with investment opportunities in the rapidly evolving and sometimes volatile crypto landscape.

Centra Tech: Centra Tech's initial coin offering (ICO) garnered significant attention and financial support, bolstered by misleading claims and celebrity endorsements. However, this venture was marred by legal challenges as authorities uncovered deceptive practices and securities fraud associated with the ICO. The subsequent legal consequences for the founders and operators served as a reminder that the cryptocurrency sector requires transparency, regulatory compliance, and ethical conduct to foster trust and credibility among investors and the broader public. This event highlighted the potential risks of participating in ICOs without adequate scrutiny and regulatory oversight.