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Voyager and Celsius bankruptcies have destroyed crypto investors’ confidence
Posted on 7/14/22 at 9:42 am
Posted on 7/14/22 at 9:42 am
quote:
In November, Ruiz invested about $33,000 of crypto on the Voyager platform. His holdings, including more than 11,110 Cardano ADAUSD, -0.21% and 360,000 Terra Luna Classic LUNAUSD, -0.89% among others, are today worth about $5,000 as crypto prices have plunged. Now, it’s unclear if Ruiz will ever even get his coins back.
“Sometimes you want to buy coins like Shiba Inu SHIBUSD, 0.20%, you want to buy Dogecoin DOGEUSD, -0.09%, people tell you, ‘no, no, don’t buy that, those are bad products and you can lose the money.’ But then you trusted these exchanges. You lost not only one coin, but all the money there,” Ruiz said in an interview with MarketWatch.
Ruiz, who also invested in Terra’s Luna Classic, previously known as Luna, felt more devastated with Voyager’s bankruptcy recently than in May, when he saw Luna plunge to close to zero from more than $80 in a week. Terra’s collapse was a huge blow, but “not everything was lost, and I knew I had to assume the risk,” Ruiz said. “I got other solid projects for the long term.” Ruiz, who says his portfolio is split between stocks and crypto, believes prices of some digital currencies will eventually go up.
LINK
Posted on 7/14/22 at 9:57 am to Street Hawk
The disclosures from platforms are going to be significant going forward.
Most thought of crypto exchanges like they do Fidelity or Vanguard - our assets are held separately from company assets.
That clearly wasn’t/isn’t the case.
Most thought of crypto exchanges like they do Fidelity or Vanguard - our assets are held separately from company assets.
That clearly wasn’t/isn’t the case.
Posted on 7/14/22 at 10:11 am to Street Hawk
I mean anyone who invested thinking those types of yields were safe are just naive.
Posted on 7/14/22 at 10:21 am to UltimaParadox
Dumbest motherfrickers on the face of the Earth. They deserve to lose all their money. 15% interest paid on your deposits etc etc.
As somebody already said - play stupid games.....
As somebody already said - play stupid games.....
Posted on 7/14/22 at 11:38 am to UltimaParadox
quote:
I mean anyone who invested thinking those types of yields were safe are just naive.
And it's no just the newbs, Mark Cuban got destroyed on Voyager and pissed off some Mavs fans with a promotion that encouraged them to use the Voyager platform to get rewards.
Posted on 7/14/22 at 11:42 am to slackster
Except fidelity and vanguard are backed with SIPC and the crypto isn’t protected.
I believe that’s what most people were warning the crypto pumpers about...
I believe that’s what most people were warning the crypto pumpers about...
Posted on 7/14/22 at 11:46 am to Street Hawk
its almost as if unregulated assets have significant more risk thank traditional.....
Posted on 7/14/22 at 12:26 pm to Street Hawk
quote:
The investor asked to remain anonymous because he is concerned about repercussions, saying that Voyager “is a company that I no longer trust. I don’t know what they’d do.”
The investor has more than $114,000 worth of bitcoin BTCUSD, 0.21%, ether ETHUSD, 0.52% and stablecoin USDC USDCUSD, 0.00% deposited at Voyager
deposit a quarter of million dollars with a company that you don't know what they do
Posted on 7/14/22 at 1:01 pm to Street Hawk
“Sometimes you just wanna buy some shibus and grasshopper coins man, how could they do this to me- nothing about any of this led me to believe I should be concerned”
Posted on 7/14/22 at 1:14 pm to Street Hawk
Hey honey, I'm in the news!
You give your name- Yotsy Ruiz
You give your age and address
You even pose for a picture
You give your name- Yotsy Ruiz
You give your age and address
You even pose for a picture
quote:
“I didn’t even know how to tell my wife,” Ruiz said. “She still doesn’t know.”
Posted on 7/14/22 at 1:17 pm to TigerintheNO
Hopefully their kids will get their brains from the mom’s side of the family.
Posted on 7/14/22 at 1:57 pm to Street Hawk
I'm a big crypto bull, but even I recommend to fund your typical investments first. Don't yolo everything into crypto. Everything I put into crypto is money I have left over after taking care of my traditional investments and my kid's futures. While I have sympathy for those that lost everything, it was not a smart decision on their part to put all of their money into what is essentially the digital wild west of finance.
Posted on 7/14/22 at 2:11 pm to Im4datigers
quote:
Dumbest motherfrickers on the face of the Earth. They deserve to lose all their money. 15% interest paid on your deposits etc etc. As somebody already said - play stupid games.....
Voyager was a full on crypto exchange that happened to offer a small yield for maintaining certain assets on its platform. Also a publicly traded company.
Posted on 7/14/22 at 2:17 pm to slackster
quote:
The disclosures from platforms are going to be significant going forward.
Most thought of crypto exchanges like they do Fidelity or Vanguard - our assets are held separately from company assets.
That clearly wasn’t/isn’t the case.
Voyager argued before the bankruptcy court last week that "customers did not own the specific crypto assets in their accounts. Voyager considers those assets to be the company's property, saying that its customers hold unsecured claims for the value of those assets".
Posted on 7/14/22 at 2:25 pm to Huge Richard
quote:
offer a unsustainable yield for maintaining certain assets on its platform.
Lol small yield
Posted on 7/14/22 at 3:50 pm to Im4datigers
quote:
Dumbest motherfrickers on the face of the Earth. They deserve to lose all their money. 15% interest paid on your deposits etc etc.
More like 3% depending on the asset, but go off i guess.
Posted on 7/14/22 at 10:11 pm to Diseasefreeforall
quote:
Voyager considers those assets to be the company's property, saying that its customers hold unsecured claims for the value of those assets
I'd be so fricking mad. That's adding insult in injury. I guess they disclosed that on some terms of service, but I bet 90% of their customer base had no idea.
Posted on 7/14/22 at 10:28 pm to supadave3
I mean voyager looked like a crypto.com, Coinbase or any other exchange app. It was basically my plan to cash out when the time was right and had it linked to my bank account. fricking sick to my stomach with the assets I had there. All because I had a daily limit and didn’t want to pay the fees to move the coins off the exchange.
Posted on 7/14/22 at 10:30 pm to Diseasefreeforall
quote:
Voyager argued before the bankruptcy court last week that "customers did not own the specific crypto assets in their accounts. Voyager considers those assets to be the company's property, saying that its customers hold unsecured claims for the value of those assets".
This right here is what drives people to stalk the personal homes of the executives like they did SCJ Kavanaugh.
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