Voyager Digital
A listed broker with a major exposure to one failed hedge fund
A New York crypto brokerage, listed in Toronto, whose commission-free app let retail customers trade and earn interest on dozens of crypto assets.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Loans to Three Arrows Capital in default
As reported at the bankruptcy filing.
- Liabilities declared at filing
The bracket ticked on the Chapter 11 petition for both assets and liabilities. A bracket, not a measured figure.
- Crypto on the platform at filing
- Estimated
Company-reported crypto at July 2022 filing; excludes separately held customer bank cash. Not a measured loss.
- Creditors
Lower-bound creditor count in a 2023 court filing reported by CoinDesk on 25 April; not an active-user count.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| January 2021 private placement | 2021 | Not disclosed | |
| February 2021 private placement | 2021 | Not disclosed | |
| Alameda Research strategic investment | 2021 |
|
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Stephen Ehrlich | — | Not established | Oct 2026 |
Timeline
2018
The company describes itself as founded in 2018.
13 February 2019
After public beta testing, Voyager announced commission-free trading of 18 crypto assets. Availability depended on state onboarding; Android access was not established by this release.
10 September 2020
The company reported customer assets of about $70 million.
21 January 2021
This was the company’s reported platform-asset measure, rather than project backing.
28 October 2021
The proposed alliance covered order flow, lending and possible work on NFTs and derivatives.
1 July 2022
Days after Three Arrows Capital defaulted on about $650 million in loans from Voyager.
5 July 2022
Filed in the US Bankruptcy Court for the Southern District of New York.
How it ended
Voyager suspended trading, deposits and withdrawals on 1 July 2022 and filed for Chapter 11 in New York four days later, citing prolonged market volatility and the default of Three Arrows Capital on its loans. Sales of its assets to FTX US and then Binance.US both fell through, and the court approved a liquidation in May 2023.
What happened next
- Regulatory actionJuly 2022
The joint letter concerned the company's statements about deposit insurance, which the regulators described as false and misleading.
- AcquisitionSeptember 2022
FTX filed for bankruptcy in November 2022 and Voyager had to find another buyer.
- Acquisition25 April 2023
The deal had been approved by the bankruptcy judge and most voting creditors; US government lawyers had sought to block it. Binance.US cited the regulatory climate.
- Insolvency proceeding17 May 2023
Judge Michael Wiles approved the liquidation procedures. The company said in a filing that customers could expect to recover about 35% of their crypto.
- Regulatory action12 October 2023
Voyager and its affiliates agreed to a judgment payable after creditors, and to a permanent ban on offering products used to deposit, exchange, invest or withdraw consumer assets. The FTC also filed a complaint against former chief executive Stephen Ehrlich over statements that deposits were FDIC-insured.
- Regulatory action12 October 2023
The complaint charged Stephen Ehrlich with fraud and registration failures and sought restitution, disgorgement, penalties and trading bans. He said at the time that he looked forward to vindication in court.
- Regulatory action27 June 2025
Stephen Ehrlich agreed to pay $2.8 million and to a permanent ban on marketing or selling retail crypto products.
- Court ruling15 September 2025
Entered in the Southern District of New York without admission or denial of the allegations: $750,000 in disgorgement to Voyager customers through the liquidation and a three-year registration ban.
Still alive
Open spot
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Sources
14 sources behind this page.
- 1Voyager Digital Announces Preliminary Fiscal First Quarter 2021 Guidance and Closes C$5.745 Million Private Placement · Canada Newswire (press release issued by Voyager Digital) · Sep 2020
- 2Voyager Digital Closes US$100 Million Private Placement of Common Shares · Canada Newswire (press release issued by Voyager Digital) · Feb 2021
- 3Voyager Digital Closes US$46 Million Private Placement of Common Shares · Canada Newswire (press release issued by Voyager Digital) · Jan 2021
- 4Ex-Voyager CEO Stephen Ehrlich Given Trading Ban, Ordered To Repay $750K · CCN (via Yahoo Finance)
- 5Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy protection · CNBC · Jul 2022
- 6Alameda Research Pumps $75M Funding Into Voyager Digital · CoinDesk · Oct 2021
- 7Voyager Digital Says Binance.US Sent Letter Terminating $1B Asset Buy Deal · CoinDesk · Apr 2023
- 8US CFTC Files Lawsuit Against Former Voyager Digital CEO for Alleged Fraud · CryptoPotato
- 9Voyager settles with FTC for $1.65B while CFTC charges former CEO with fraud · CryptoSlate
- 10US Court Approves Voyager's Liquidation after Failed Binance Buyout · Finance Magnates · May 2023
Show 4 moreShow fewer
- 11CFTC settles with ex-CEO of failed crypto firm · Investment Executive
- 12Voyager Digital Secures $75 Million Strategic Investment from Alameda Research · PR Newswire (press release issued by Voyager Digital) · Oct 2021
- 13Voyager launches its retail iOS trading app · Voyager via Business Wire · Feb 2019
- 14Voyager Digital · Wikipedia · user-editable
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.