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
DOWN ROUND
Sector contagion hits funding
SHUTDOWN
Sudden Collapse: Voyager Digital ceases operations
Full Analysis
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Documented cause
Voyager extended a $654M unsecured loan to 3AC, the Singapore hedge fund that collapsed in June 2022. When 3AC defaulted, Voyager had no recourse. The broker froze customer accounts and filed Chapter 11 in July 2022. FTX won the initial auction; after FTX collapsed, Binance US won the assets for $1.02B.
Lesson
“Retail brokers must not become shadow banks. Unsecured loans to hedge funds using retail deposits is regulatory arbitrage that only works until it does not.”