Voyager has declared bankruptcy
And theyve chosen a really scummy way to do it.
They could have chosen to go bankrupt as a broker/dealer. If they were a stock brokerage, that's how they go bankrupt. In those cases, if you have stock then theyr'e just holding it for you. You would for example, get back your shares of Apple or Tesla. (shares of stock are securities - important later)
There's an argument that bitcoin is a commodity,
...and that a lot of the other altcoins are securities. They're securities because they're centralized, they gain in value based on the efforts of others (like founders funds, marketing departments, centralization - proven by hard forks that are centrally driven, roadmaps you have no choices in etc, outages that take out one datacenter and crash teh whole blockchain, coordinating blockchain restarts on discord, votes where 90% of the votes are 1 person, 70% premines, etc etc)
What defines a security is called the Howey Test - look that up on Wikipedia or Investopedia or something
So - if they had gone bankrupt as a broker/dealer you would get your shit back.
But they went bankrupt and are arguing that you - the investor - are dead last. That you loaned them your bitcoin, and they pooled it all together, squandered it, and they're going to pay back their friends way way way before you - probably.
Also, they fraudulently or misleadingly claimed your bank funds with them were FDIC insured. Well they're not, not the way they did things. That would cover you if their partner bank failed. But that's not what failed here. It's Voyager that's bankrupt, not their partner bank. And anyway, they were commingling funds, so its very doubtful FDIC would cover this.
Anyway, not to be a downer about it, but they;'re trying to scumbag their way out of this, them and Celsius and others, so its important that people are informed.
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