Got the email about half an hour ago.

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Dear [me],

Earlier today, we began a restructuring process aimed at strengthening Voyager Digital’s financial position. To accomplish this goal, the company and its main operating subsidiaries voluntarily filed for Chapter 11 protection.

Given the confidence you placed in Voyager when you joined the platform, we know this may be disconcerting news. To that end, we want you to know that we made these decisions specifically to protect and maximize the value of the assets on the platform for all stakeholders, including you, our customers, who remain our focus.

To be clear: This does NOT mean Voyager is going out of business. The restructuring process is intended to help companies stay in business, which is exactly what we intend to do. Being able to continue operations is a key benefit of a restructuring, a well-established legal process through which companies reorganize their financial obligations. In the meantime, we are continuing discussions with various parties regarding the company’s go-forward strategy.

Voyager was created with the idea that investors deserve a platform that provides access to crypto assets with simplicity, speed, liquidity, and transparency. While we strongly believe in this future, the prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital (“3AC”) on a loan from Voyager, made this course of action necessary. Through this process, we intend to create an efficient path to resume account access and return value to customers. We are also pursuing all available remedies for recovery from 3AC, including through the court-supervised processes in the British Virgin Islands and New York.

The proposed Plan of Reorganization (“Plan”) would, upon implementation, resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval, customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens. The plan contemplates an opportunity for customers to elect the proportion of common equity and crypto they will receive, subject to certain maximum thresholds.

Customers with USD deposits in their account(s) will receive access to those funds after a reconciliation and fraud prevention process is completed with Metropolitan Commercial Bank. The Company continues to evaluate all strategic alternatives to maximize value for stakeholders.

We understand this unexpected news may create both concern and uncertainty. Additional information about our path forward can be found in our press release and blog post.

Information on the restructuring, including relevant court filings, is available at https://cases.stretto.com/Voyager, or by calling +1 (855) 473-8665 (U.S. toll-free) or +1 (949) 271-6507 (international).

We’ve worked hard to share everything we can at this point; you have our commitment that we will keep you updated.

Regards,
Team Voyager

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Thankfully I withdrew at least some of what was on my account before Friday. The rest of it's probably up in smoke at this point, though. Oh well; this sort of thing is why I never keep my eggs in one basket.