Bloomberg analysts warn that users of the Voyager crypto lender that has declared bankruptcy will not be able to fully return the deposits placed on the site.
Bloomberg experts note that Voyager itself has made it clear that user funds will be depreciated during bankruptcy. Reason: The company may be restructured or sold.
According to the agency’s analysts, account holders are likely to be reimbursed assets in the form of the lender’s native VGX token cryptocurrency and shares in a restructured company with $650 million in outstanding debt due from Three Arrows Capital (TAC). Voyager has assured that its customers with US dollar deposits will receive their funds after the Metropolitan Commercial Bank completes a “reconciliation and fraud prevention process”.
The American bank confirmed that Voyager has an account, but added that the US Federal Deposit Insurance Corporation (FDIC) does not protect Voyager from losing the value of cryptocurrency or other assets on the lender’s balance sheet. Court documents showed that Voyager did not store clients’ cryptocurrencies in separate wallets. The lender mixed the assets into pools of bitcoin, ether and other altcoins.
Now, $1.3 billion worth of cryptocurrencies have been placed on the platform’s balance by lenders. Voyager Galaxy Digital, Alameda research, and Wintermute Trading are among the major ones. FTX is Voyager’s second-largest debtor, with $376.8 million in debt. CoinTracker Certified Public Accountant and Lead Tax Strategist Shehan Chandrasekera said the funds could be written off:
“If your funds become completely worthless and irretrievably lost, you have the right to write them off as non-profit bad debt when filing your tax return.”
Chandrasekera warned that this rule would apply in the event of a total, not partial, loss of money. For now, the frozen withdrawal is not a total loss.
Recall that Voyager Digital recently filed for bankruptcy.
Source: Bits
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