How quickly do the domino pieces fall? A couple of days ago I posted about 3AC and its cascading effects on other platforms and here we are today. Just hours ago Voyager had announced it had filed for Chapter 11.
Founded definition of Chapter 11 from Gunderson Law Firm
Broadly speaking, Chapter 11 bankruptcy is intended as a way for corporations, businesses, and a very, very limited pool of consumers to reorganize, in order to deal with heavy debts while maintaining income and profitability. Generally, pursuing Chapter 11 results in the debtor cutting costs or seeking a new source of revenue, while reorganizing their debts and payments to creditors through a structured payment plan.
It seems Voyager is trying to keep the company afloat while also reducing its debt. This is not good news for those who have vested interest in the company as it means they will be getting less from this bankruptcy filing.
Straight from Voyager's official twitter account announcing the news. With over $1.3 billion in assets this is an extremely concerning news for those that are associated to the company whether through investing of having their assets in Voyager.
~~~ embed:1544551147041705984?s=20&t=BErqJL2p9f3bIwBG5r6BLQ twitter metadata:aW52ZXN0dm95YWdlcnx8aHR0cHM6Ly90d2l0dGVyLmNvbS9pbnZlc3R2b3lhZ2VyL3N0YXR1cy8xNTQ0NTUxMTQ3MDQxNzA1OTg0fA== ~~~
The question now is who is next to fall?
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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These centralized agencies are bent on bleeding crypto on their way out. The scary thing is that people will never learn. After all this dust blows away, new guys will come in and do it again. I can bet that.
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True. We have to make sure we don’t fall into those traps.
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