Voyager Digital
Lending $660M to a single borrower (Three Arrows Capital) without collateral is reckless risk management.
2018 → 2022
$100M
Crypto/Fintech
USA
IdeaProof AI Failure Score
What Happened: The Timeline
2018
Voyager Digital founded as crypto brokerage
2021
Goes public, lends heavily to 3AC and other borrowers
Jun 2022
3AC defaults on $660M loan after Terra/Luna collapse
Jul 2022
Files Chapter 11 bankruptcy
Root Causes
Voyager Digital was a publicly traded crypto brokerage that lent $660M to Three Arrows Capital (3AC). When 3AC defaulted after the Terra/Luna collapse, Voyager couldn't cover the hole and froze customer accounts within weeks. The company filed for bankruptcy in July 2022 with $350M in customer deposits at risk. FTX initially offered to acquire Voyager, but FTX itself collapsed months later. Voyager's failure demonstrated extreme counterparty concentration risk in the crypto lending ecosystem.
Sources & References
Could This Failure Have Been Prevented?
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