Voyager Digital Bankruptcy Update 2026: Recovery Status

Voyager Digital bankruptcy status in 2026

Voyager is no longer a working crypto brokerage. Its liquidation plan became effective on 19 May 2023, the app shut down on 15 August 2023, and the Wind-Down Debtor has been converting recoveries into distributions for eligible creditors. The FTX purchase described in the original article never closed, and a later Binance.US transaction also terminated.

Eligible Voyager Digital, LLC creditors who received both completed rounds recovered distributions equal to 70% of their allowed claim: 35.72% in the initial 2023 distribution and another 34.28% in the second distribution that began on 31 July 2024. This is not the same as receiving 70% of the number of coins originally held or 70% of their current market value. Claims were valued under the bankruptcy plan using the 5 July 2022 petition-date framework.

Event	Outcome verified 13 August 2026
FTX asset purchase	Did not close. A later settlement released $450 million plus interest to the estate and helped fund the second distribution.
Binance.US asset purchase	Terminated in April 2023. A dispute over its $10 million deposit and Voyager counterclaims remained in discovery; the February 2026 report said a trial would likely begin in 2027.
Liquidation plan	Effective 19 May 2023; Voyager did not resume as an operating exchange.
Initial distribution	Approximately $604 million, equal to 35.72% of each allowed Voyager Digital, LLC claim.
Second distribution	Approximately $589 million, equal to an additional 34.28% for eligible creditors; paid by cheque.
Cumulative recovery	70% of the allowed claim for creditors who successfully received both rounds.
Further distribution	Expected later in 2026 according to the 27 February status report, but no percentage or payment date was announced there.
Three Arrows Capital claim	Approximately $675 million agreed claim; future receipts are expected over multiple years and remain uncertain.

How much have Voyager creditors recovered?

The initial recovery included in-kind withdrawals for supported crypto beginning in June 2023 and later cash cheques for creditors who did not complete an in-kind withdrawal. The estate reported approximately $604 million distributed, representing 35.72% of allowed claims.

The second distribution began on 31 July 2024 and was cash-only. The estate said approximately 495,000 cheques totalling about $587 million were mailed. By 10 February 2026, 87% of those cheques had been deposited, representing about $576 million and roughly 98% of the second round's value. Approximately 65,000 creditors still had more than $11 million of undeposited cheques at that snapshot.

The deadline to request a reissued second-distribution cheque was 31 March 2026, and outstanding cheques were scheduled to be cancelled and treated as unclaimed after that date. Anyone with an unresolved payment should use only the creditor portal reached through investvoyager.com and its support process. Do not pay a “release fee,” connect a wallet or give a recovery phrase to someone claiming they can unlock a Voyager distribution.

The latest Plan Administrator report reviewed here expected another distribution later in 2026 and said more details would follow. It did not promise a third-round percentage, payment date or full recovery. Future amounts depend on litigation, reserves, claim resolution and asset recoveries.

Was Voyager a victim of Three Arrows Capital?

3AC's default was a major trigger, but “victim” is incomplete as an explanation. Voyager had lent 15,250 BTC and $350 million USDC to 3AC without receiving repayment. That concentrated counterparty exposure helped create the shortfall after 3AC failed. Voyager's own lending, disclosure and risk-management decisions therefore remain central to understanding the collapse.

The Wind-Down Debtor now has an agreed claim of approximately $675 million in 3AC's British Virgin Islands liquidation. It received about $20.43 million in April 2024 and another $19 million in July 2024. In February 2026, the Plan Administrator said material additional distributions were hoped for but that confidentiality prevented disclosure of projected amounts or timing; receipts would likely arrive over multiple years.

On 21 July 2026, the Plan Administrator also filed a separate federal fraud complaint against 3AC co-founders Su Zhu and Kyle Davies and two other defendants. That filing is an allegation, not a finding of liability, and the public docket reviewed here did not establish a recovery amount or outcome.

Other recovery and enforcement developments

• The FTX/Alameda settlement released $450 million plus interest to the Wind-Down Debtor; those funds were included in the second distribution.
• By February 2026, the estate said settlements with 207 of 215 preference targets had generated more than $24 million through payments and claim waivers.
• The FTC settled with the Voyager entities in 2023 and permanently banned them from handling consumer assets. In 2025, former CEO Stephen Ehrlich agreed to pay $2.8 million and accept a ban on marketing or selling retail crypto products to resolve the FTC's charges.
• A separate 2025 CFTC consent order required Ehrlich to pay $750,000 in disgorgement to Voyager customers through the bankruptcy process and imposed trading-related restrictions.
• Texas resolved its securities proceeding against the Voyager entities in March 2026. The state said Voyager was no longer operating and remained in liquidation.

Corrections to the original October 2022 article

• Voyager is not currently listed or operating as a crypto brokerage; references to its platform, stock and trading services are historical.
• The proposed FTX purchase did not complete, so the projected 72% recovery under that bid never became the operative payout.
• The confirmed plan became a liquidation, not the proposed reorganisation into a continuing Voyager business.
• Customer recoveries have occurred: 35.72% initially and another 34.28% for eligible creditors, totalling 70% of allowed claims.
• Future recoveries are paid in US dollars, not crypto, according to the Wind-Down Debtor.
• Voyager and its former CEO did not merely receive an FDIC warning; later FTC and CFTC enforcement actions produced settlements and restrictions.
• 3AC was a major cause of the shortfall, but Voyager's decisions to extend the loans and how it described platform safety cannot be excluded from the explanation.

Original October 2022 report (historical archive)

The article below is preserved substantially as published. Its proposed acquisitions, claim deadline, platform status, stock references and recovery estimates are historical and should not be used as current instructions.

Voyager Digital is a publicly listed crypto brokerage firm which filed for bankruptcy on 5th July 2022.

Who is Voyager Digital?

Voyager Digital was founded in 2017 as a cryptocurrency brokerage firm allowing clients to buy and sell cryptocurrencies and other digital assets on its platform. Their main feature was that they did not charge commission fees through utilizing its smart order routing to connect to dozens of other cryptocurrency exchanges and market makers. Voyager Digital is currently listed on the Toronto Stock Exchange under the stock ticker VOYG.

Voyager Digital is also a major creditor of Three Arrows Capital, which has also recently filed for bankruptcy. Since 1st July 2022, Voyager Digital has temporarily suspended all trading, deposits, withdrawals, and loyalty rewards on its platform.

Voyager Digital files for bankruptcy

Voyager Digital issued a Notice of Default against 3AC on 27th June 2022 and reduced its withdrawal limit to US$10k per day. This spooked shareholders and users of Voyager Digital. The Company saw its share prices plunge over 60% after its ties with 3AC was revealed, combined with its poor performance during the crypto downturn.

The Notice stated that 3AC failed to make timely repayments on its loan of 15,250 BTC and US$350 million USDC. However, Voyager Digital has reassured its users that its platform is still fully functional. Furthermore, as of 24th June 2022, Voyager had approximately US$137 cash and crypto assets on hand. The Company also has US$200 milllon cash and USDC, and a 15,000 BTC revolving loan from Alameda Ventures Limited.

On 5th July 2022, Voyager Digital Holdings filed for bankruptcy in the Southern District of New York. Voyager Digital estimates it has over 100,000 creditors and total debts of somewhere between US$1 to US$10 billion in liabilities. The Company believes that notwithstanding its liabilities, it still has around US$1 to US$10 billion in assets. They also assure that will have sufficient funds available for distribution to its unsecured creditors.

According to a tweet by CEO Stephen Ehrlich, the purpose of filing for bankruptcy was to “…protect assets on the platform, [and] maximize value for all stakeholders.”

This is certainly a huge relief to Alameda Research. They are listed in court documents filed by Voyager as its largest unsecured creditor with over US$75million in unpaid debts. This is substantially larger than its second largest unsecured creditor with a US$9.7million claim.

Meanwhile, the share prices of Voyager Digital Ltd (VYGVF) plummeted by almost 12% as a result of this development. Share prices for the Company took a huge hit since their involvement with 3AC was discovered. VYGVF share prices have been down nearly 89% since early June 2022.

FTX to bail out Voyager Digital?

FTX exchange recently secured a winning bid of US$1.42 billion for Voyager Digital’s assets. The assets included in the bid include (i) the fair market value of all of Voyager’s cryptocurrency at a future date to be determined, worth around US$1.3 billion; and (2) additional consideration of “incremental value”, worth around US$111 million. As for Voyager’s claims against Three Arrows Capital, this will remain with the bankruptcy estate and any amount eventually recovered will be distributed to the estate’s creditors.

The tentative plan from FTX will allow all priority claimants to be paid out in full. Meanwhile, other account holders would be able to recover approximately 72% of their account value. The plan for FTX to buy out Voyager’s assets however is still pending the approval of Voyager’s creditors and the Court.

Voyager Digital suspends withdrawals, will customers get their USD and crypto back?

According to the latest blog post from Voyager Digital, they are working to restore access to customers’ USD deposits. However, it does not mention when withdrawals will be reopened. Voyager Digital also alleged that customers’ USD in their Voyager cash account is held in a For Benefit of Customers account at the Metropolitan Commercial Bank of New York (and not by Voyager themselves) and is Federal Deposit Insurance Corporation (FDIC) insured. However, a joint letter dated 28th July 2022 from the Federal Reserve and the FDIC to Voyager requests them to remove “false and misleading” statements that its user deposit accounts are FDIC insured.

As for customers’ cryptocurrencies, Voyager states that they have approximately US$1.3 billion worth of crypto assets on their platform. This is inclusive of its over US$650million claim against Three Arrows Capital.

Voyager has proposed a reorganization plan which is currently pending the approval of the Court. Customers will be able to select the following options with regards to their cryptocurrencies held by Voyager:

1. Pro-rata share of cryptocurrencies;
2. Pro-rata share of proceeds recovered from Three Arrows Capital;
3. Pro-rata share of common shares in Voyager after it is reorganized; and
4. Pro-rata share of existing Voyager tokens.

However, according to Voyager, this is not the finalized plan. Voyager’s customers will have the opportunity to vote on whether or not they agree with the reorganization plan. It is likely that it will be a long time before customers will have their funds and cryptocurrencies returned.

Voyager details claim process for customers

Voyager’s blog post details how affected customers with cryptocurrencies in their accounts can begin to claim their crypto. Voyager will be sending an email from “Voyager Digital Restructuring” containing a unique link and personal identification number. The link will set out the customers’ account holdings. If customers agree with the account information set out in the email, they are not required to submit a claim form. On the other hand, if customers disagree with the information, or the claim is marked as “contingent”, “unliquidated” or “disputed”, they must submit a proof of claim form. This Proof of Claim form must be filed on Voyager’s case website on or before 3rd October 2022 at 5:00pm EST.

However, there is still no information on when affected customers can actually receive the cryptocurrencies locked in their Voyager Digital accounts.

Voyager customers say no to “retention bonus” totaling US$1.9 million to employees.

Voyager had asked the Court to approve a US$1.9 million payment to 38 of its employees as a “retention bonus”. The Company claims that these employees are essential to its continued operation and restructuring, and are apparently non-executive employees. Voyager is also asking the Court to allow them to redact the names, titles, salaries, proposed bonuses and other information relating to the 38 persons. Their reasoning is that this is non-public and personal information which could be sensitive.

However, a group of Voyager customers objected to Voyager’s proposal, stating that its employees are already well-compensated and that there is little evidence that they plan to resign. They also argue that the Company has otherwise done little else to reduce costs. The US Trustee’s Office is also objecting to Voyager’s proposal, particularly to the request to redact the employees’ information. This is because they see it as critical information that stakeholders should have in order to evaluate whether the proposed bonus is necessary.

On 24th August 2022, the Court ultimately approved Voyager’s application to pay US$1.9 million in retention bonuses to employees.

Frequently asked questions

Sources

• US Bankruptcy Court filing: Plan Administrator's Tenth Status Report, 27 February 2026
• US Bankruptcy Court filing: Seventh Status Report and second distribution
• US Bankruptcy Court filing: Eighth Status Report and cumulative 70% recovery
• US Bankruptcy Court filing: confirmation and 19 May 2023 effective date
• Voyager Wind-Down Debtor: FTX settlement status
• Voyager Wind-Down Debtor: future recoveries will not be distributed in crypto
• US District Court docket: Plan Administrator v. Davies et al., filed 21 July 2026
• Three Arrows Capital joint liquidators: official liquidation notices
• FTC: Stephen Ehrlich settlement, ban and $2.8 million payment
• CFTC: $750,000 disgorgement order for Voyager customers
• Texas State Securities Board: March 2026 Voyager consent order
• Federal Reserve and FDIC: 2022 cease-and-desist letter concerning FDIC representations