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Interesting article. However it still seems unclear to me whether Voyager customers' retail USD deposits are safe or not. It seems predicated upon the question
by alldayeveryday 4y ago
Interesting article. However it still seems unclear to me whether Voyager customers' retail USD deposits are safe or not. It seems predicated upon the question of whether Voyager was placing the funds on their behalf into accounts at Metropolitan Commercial Bank or not - and the article does not provide concrete evidence on this question. Anyone have a different interpretation?
- jeromegv 4y agoIn their balance sheet, it is part of their assets. Perhaps the money is there, perhaps it is not. However the fact is, if they are going the bankruptcy route and have to sell/distribute their existing asset, then this asset is up for grab in the order that people have the right to the asset. This isn't an asset protected for the customers only. So while there might be money left, it doesn't mean I twill end up in the hands of the customers as they are the last one in line to get proceeds back. If really the money was under the customer's name, "on their behalf", then it wouldn't be an asset under the balance sheet. It would not have been theirs.
- dreamcompiler 4y agoSearch for the phrase "I called the FDIC" in the article. EDIT: It's an image. Search for "enterprising Voyager customer" instead.