Many investors have been rocked by Voyager Digital’s recent bankruptcy filing, with some claiming to have either “millions” worth of crypto assets or most of their life savings tied to the crypto exchange.
As previously reported, Voyager suspended withdrawals earlier this month due to liquidity issues as Three Arrows Capital (3AC) defaulted on a $650 million loan from the firm. Although Alameda extended a $500 million loan to the company in June, Voyager filed for bankruptcy on July 6.
In a July 9th article, Fortune spoke to several Voyager users who have been shaken by the recent bankruptcy filing. Some are putting almost their entire life savings on the platform, while others reportedly have millions in the balance.
One user, referred to as Robert for the sake of anonymity, stated that he put about six numbers on the platform, representing 70% of his life savings.
“I honestly cry every day,” Robert said, adding, “I don’t know what to say to my wife. As a partner, we have decided to do this [invest on Voyager]but she trusted me more than anyone to make the right decision.”
As a six-year-old investor, Robert further noted that while he did a fair amount of research on Voyager before using the platform, he never would have done so had he known the company would lend client money to a hedge fund:
“I had no idea Voyager would lend anything [customers’ USDC] to a hedge fund. Had I known it might be loaned out, I probably would have just kept it in cash in my safe.”
Related: The FDIC is reportedly investigating Voyager Digital’s marketing as complex SBF connections come to light
Fortune also spoke to popular crypto influencer Scott Melker, also known online as The Wolf Of All Streets, who claims to have seven-figure funds on Voyager.
“Listen, I’m missing millions of dollars,” he said, adding that although he often spoke about risk management and protecting your wealth, he was embarrassed at being overly exposed to Voyager.
Melker has around 851,000 followers on Twitter and 121,000 subscribers on YouTube. He explained that while he will lose a lot on Voyager, he feels worse for having previously promoted the platform to his audience, friends and family.
“I understand that people make their own decisions, but they wouldn’t have even thought about it if I hadn’t brought them with me [Voyager] to her attention. And frankly, that’s worse than losing my own money.”
As part of Voyager’s bankruptcy proceedings, company executives have outlined their intention to first reorganize the company into a new entity and then repay users via a combination crypto, proceeds from the recovery of Three Arrows Capital (3AC), Voyager tokens and common stock in new rehabilitated company company.
However, it is unclear if this will result in full compensation for all users.