Digital, hey, guys, welcome back to the crypto nurse channel and before we get started. Please like subscribe and comment on the video as well for more related information, and today we are just going to get right into it. So today, a prominent crypto landing platform called voyager digital is filing for bankruptcy. The toronto based voyager filed for chapter 11 bankruptcy protection, tuesday in this u.s southern district court of new york, estimating that it had more than a hundred thousand creditors and somewhere between 1 billion and 10 billion in assets. It also recorded same range for its liabilities. So for those who dont know voyager digital is another crypto lending platform that was similar to that of celsius. If you go on their website, you can actually see the type of rewards that they were providing. For example, you can earn 10 on dot ape usdc and basically you were able to earn some pretty decent rates by depositing your crypto as collateral to this platform. So lets talk about the timeline of what actually happened so back in may you had a ust crash where usc started to depeg and that happened early of may and because of that crash. The whole crypto market started to tank because of it one company that was caught up into it was celsius and because celsius has a lot of its funds in different assets like liquid stake. Ethereum that made them pretty illiquid. They werent able to pay out funds to people who were asking for a withdrawal, so on june 12th they actually stopped all withdrawal services, including transfers and swaps, which caused the whole crypto market to drop even more than that, and because the whole market was dropping.

Three ac, which is one of the largest crypto hedge funds, were over leveraged in the markets and because crypto was crashing, they were eventually liquidated now. This is where voyager digital comes into play because they had an exposure to 3ac and because of the events happening to 3ac, voyager, actually limit their withdrawals to a maximum of ten thousand dollars, but that wasnt the end of it. While the ceo of voyager actually came up on twitter and made the thread on the events that has taken place and what it means for you so on twitter, he says that voyagers today we begin a voluntary financial restructuring process to protect assets on the platform maximize Value for all stakeholders, especially customers and emerge as a stronger company voyager, would continue to operate throughout. So on his twitter. He actually talked about what happened to this company and what stakeholders can be expecting in the future. He also said that customers with crypto in their accounts will receive in exchange a combination of the crypto in their accounts, proceeds from the 3ac recovery common shares in the newly reorganized company and voyager tokens. As part of this process, the proposed plan of reorganization would 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, so it looks like that people who have invested into voyager or Have assets into voyager arent able to get back their assets just yet they would have to wait for the bankruptcy process to go through in order to get their crypto back.

So looking at bitcoin, going on to the hourly chart, bitcoin is still hovering between the batteries. Between twenty one thousand dollars and nineteen thousand dollars – and i think one of the reasons why the news hasnt affected the markets. That much is because the fact that voyager came out back in june saying that they were in trouble. So i think the markets already priced in the fact that voyager was struggling in the past and hence why there isnt that much movement going on so far. At the same time, if youre going on coin market cap – and it seems like the market – is holding fairly well, we have a couple of top gainers such as convex and curve avalanche sandbox. That are doing pretty well so far, and it really does seem like the news has been priced in so far so with the crash of another crypto lending platform, what does it mean for you and what can we learn from this honestly? The answer to this is not your keys, not your crypto. We talked about this in the past in our previous videos and were talking about it again. If you have your assets and different loaning platforms or exchanges, it might be time to take it out from those platforms, because i think we saw maybe like four to five exchanges right now: pausing withdrawals and swaps, and hence you cant, get your money out of it And it seems right now the safest place to have your crypto is in your own hands.

We are facing a bear market and a looming recession, so its necessary to have your crypto in your own hands, because i think that is the safest way of keeping your crypto intact.

https://www.youtube.com/watch?v=18bawcSxaAY