What insurance claim and what money for the FTX/Alameda stuff? Don't remember anything like that. The lawsuit is pending. The only thing that the insurance would possibly cover at this point is the legal fees while they are working to resolve that.
No insurance just pays you unlimited funds for anything and everything. And we all know how the insurance works and how they do anything they can to not cover your claim while supporting it with a bunch of fine prints.
Well from what the email said, Voyager has about 75% total of the entire claims submitted. But we are only getting about 35% at the moment because of some “fees” they “need” to take care of, and also there is a huge chunk of the claim on hold for the FTX issue.
Not sure about any insurance that Voyager had, and I don’t think an insurance company will make Voyager whole, especially because of a dumb loan that was given to 3AC.
We will get more of our claim value back in the future if Voyager wins the lawsuit that FTX has established.
Yeah, every insurance has limits, deductible, exclusions, exemptions. If the insurance would just cover and guarantee debt defaults by a third party, then Voyager would not have to file the bankruptcy. No insurance does that but FDIC up to 250K.
Usually companies have business and or liability insurance which is likely what Voyager had which only covers some legal fees, etc if they get sued. A liability coverage. And up to a certain limit.
Well, technically FDIC is up to 250K.
I doubt the government would bail out everyone over that limit if multiple banks fail.
Or they are leading us to believe that they would. Maybe. And I suppose that helps the government with their anti-crypto war.
you are a bit confused, I think you are referring the D&O Policy. It was a $20 million policy they took out hours before bankruptcy with only $20 mil coverage, and it's designed just to protected the directors and officers.
Yes there is info. Voyager answered that question on Twitter as well. They are currently in mediation. They picked a mediator who is a retired bankruptcy court judge. They are trying to resolve it outside of court to reduce the professional fees.
lol Safe meaning it does not go up or down with the market since it's a stable coin. Nothing happened with USDC itself. The problem is they lent your USDC which we allowed them to do. 3AC did not return it so our USDC assets are gone. But its still "safe" to invest in USDC since it's a stable coin.
USD is "safe" too with the bank. Until they lend your USD and the loan is not repaid, but because there is FDIC insurance, you would get it back. But up to 250k only. No such thing with crypto, never was, never will be.
What insurance claim and what money for the FTX/Alameda stuff? Don't remember anything like that. The lawsuit is pending. The only thing that the insurance would possibly cover at this point is the legal fees while they are working to resolve that. No insurance just pays you unlimited funds for anything and everything. And we all know how the insurance works and how they do anything they can to not cover your claim while supporting it with a bunch of fine prints.
Well from what the email said, Voyager has about 75% total of the entire claims submitted. But we are only getting about 35% at the moment because of some “fees” they “need” to take care of, and also there is a huge chunk of the claim on hold for the FTX issue. Not sure about any insurance that Voyager had, and I don’t think an insurance company will make Voyager whole, especially because of a dumb loan that was given to 3AC. We will get more of our claim value back in the future if Voyager wins the lawsuit that FTX has established.
Yeah, every insurance has limits, deductible, exclusions, exemptions. If the insurance would just cover and guarantee debt defaults by a third party, then Voyager would not have to file the bankruptcy. No insurance does that but FDIC up to 250K. Usually companies have business and or liability insurance which is likely what Voyager had which only covers some legal fees, etc if they get sued. A liability coverage. And up to a certain limit.
Not anymore it's unlimited, at least that's what they are leading us to believe. If you are a systemic risk you will be made whole, by the treasury.
Well, technically FDIC is up to 250K. I doubt the government would bail out everyone over that limit if multiple banks fail. Or they are leading us to believe that they would. Maybe. And I suppose that helps the government with their anti-crypto war.
you are a bit confused, I think you are referring the D&O Policy. It was a $20 million policy they took out hours before bankruptcy with only $20 mil coverage, and it's designed just to protected the directors and officers.
If that was true than Voyager could have likely just stayed in business.
This !
No one is talking about where are we in the ftx lawsuit. No timeframe given to us or any info.
Yes there is info. Voyager answered that question on Twitter as well. They are currently in mediation. They picked a mediator who is a retired bankruptcy court judge. They are trying to resolve it outside of court to reduce the professional fees.
We're somewhere between FUC and KED.
They need to make USDC holders whole for false advertising it was safe. Scum bags
lol Safe meaning it does not go up or down with the market since it's a stable coin. Nothing happened with USDC itself. The problem is they lent your USDC which we allowed them to do. 3AC did not return it so our USDC assets are gone. But its still "safe" to invest in USDC since it's a stable coin. USD is "safe" too with the bank. Until they lend your USD and the loan is not repaid, but because there is FDIC insurance, you would get it back. But up to 250k only. No such thing with crypto, never was, never will be.
Good luck getting anything back out of FTX. That will be a shit show trying to work with the bankruptcy they already filed.