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Regulatory scrutinizers have intensified their investigation into Voyager Digital, one of the largest crypto platforms in the world. Quite recently, Voyager filed for bankruptcy along with claims to have either millions worth of crypto assets or most of their lives' savings tied down to the exchange. Earlier, the crypto lending platform paused withdrawals during the beginning of the month amid its liquidity issues, which were further caused due to Three Arrows Capital defaulting on a loan worth millions of dollars.
Several Voyager users reported to Fortune saying they were crushed under this recent bankruptcy filing and have lost millions of dollars worth of their savings. Some of them put nearly most of their life savings on the platform, whereas, others claimed that they have millions hanging in limbo. So, right after this information was made public, regulators expanded their investigation deeper into the crypto lender. Besides Voyager, even Celsius Network is also experiencing the same treatment from regulators, especially after both the platforms froze withdrawals.
Current reports reveal that crypto policymakers are aiming on investigating yield-product offerings from Voyager and Celsius. Both crypto firms offer exceptionally high rates of return and continue to promote these rates on their respective websites. Several crypto firms are experiencing a similar regulatory breakdown amid the growing chaos in the crypto market.
This growing regulatory breakdown on crypto exchanges has triggered a major sell-off season in the investor community. Regulators are still investigating these companies and are quite eager to find out the responsibilities that these exchanges need to fulfill to ensure that their users do not further suffer financial losses.
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