Evaluating only Voyager Digital’s profile at its peak — without knowing the outcome — the model ranked Market collapse as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Voyager Digital founded
LAYOFF
Market downturn forces cuts
SHUTDOWN
Sudden Collapse: Voyager Digital ceases operations
Full Analysis
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Documented cause
Voyager Digital was a publicly-listed crypto broker offering commission-free trading and interest-bearing accounts. When Three Arrows Capital — to which Voyager had lent $655M — collapsed and defaulted in June 2022, the loss wiped out Voyager's equity. The company froze customer assets on July 1, 2022 and filed for Chapter 11 on July 5, 2022. FTX initially bid to acquire Voyager, then FTX itself collapsed, leaving customer claims unresolved for years.
Lesson
“Crypto brokers offering competitive yields are making bets with customer funds in opaque ways. The connected nature of the 2022 crypto collapse — Terra to 3AC to Voyager to BlockFi to FTX — showed how systemic the contagion risk had become.”