Crypto exchange uploads after its Founder intimidates employees commits Fraud and manipulates everybody around Him he catches everybody off guard Because well its team was made up of Traffic buddies they seem to be best Friends with regulators and everything Seemed to be in line no I'm not talking About FTX or SPF we're talking about Voyager and the vgx token the lead of Voyager wasn't some sort of incel with Bad haircut he was a very well respected Entrepreneur so what happened Andrew the Founder is going to go to jail more Importantly will Voyager holders ever Get their money back let's find out Let's get it Foreign Crypto my name is Ben today we're gonna Be talking about the downfall of Voyager In the backstory you may not know but by The time we get done with this video You're going to find out this ship was Always going down all right so let's Dive into Voyager Voyager was set up Like a traditional Finance Company an Institution that made nice with state And federal regulators and agencies and Its executive team what came from Trad Five just like ftx's did the CEO of Voyager was Stephen Ehrlich he Co-founded Voyager with Philip item a New York entrepreneur you see though Stephen understood money in trading very
Well why he was the CEO of etrade.com During the.com boom from the outside in 2018 Philip and Steven wanted to disrupt Things in traditional finance and make Money while they did it just like they Did at E-Trade they supported the Adoption of crypto just like a good CEO Would but when the money started flowing In well Stephen Phillip they got very Greedy very fast where'd you got really Popular doing what he traded offering Zero fees for trades but instead of Doing your trades on a website with E-Trade well the Voyager you got a Really slick mobile app that was created By Oscar Salazar you may know him as the CTO of uber where he was also a Co-founder and he also became a Co-founder of Voyager as well and Salazar was actually the brains behind The operation that made Voyager work so Well dude 2019 was a good year for Voyager they crushed it in the markets It added a ton of coins and made Partnerships all around the world According to high-level sources inside Voyager well they told us these Partnerships were nothing more than Handshake deals nothing was behind them Supporting them and that practice went From late 2019 all the way into 2020. And in the middle of 2020 Stephen and Phillip started offering stock options To employees of Voyager and the stock
Was locked up for five to ten years you Might see where this is going you see Voyager was paying its debts off with Stock to employees that they were never Going to get and his Voyager grew well Oscar salads are he began starting Raising alarm Bells within the team the Management and operations of Voyager Well he could see it was heading for Trouble and then the poison pill hit This is when in 2020 voyagers are Competing with other companies that had Lending programs at first they're Offering modest returns of one to three Percent and they start ratcheting it up To compete with other competitors they Had to take on more risk and more risk Well that became risk from the investors Not from the team Stephen Phillip looked At risk management it as impediment to Growth in his 2020 turn into 2021 like a Lot of these companies did during the Bull Run they threw risk management out The window so January 19 2021 that's Where things get very interesting as Luna was listed on Voyager the crypto Yield Wars while they had gone nuclear Steven decided he wasn't going to lose To these Chums like block five or nexo Or vault and his mortal enemy well that Was Alex machinski and Alex at the Current moment was beating Voyager so Stephen decided to turn up the heat kind Of like SPF Stephen went out of his way
To try to pay for influencers Celebrities and spokespeople Stephen Became obsessed with trying to beat Alex Machines against Celsius on February 16th of 2022 they announced 1.1 billion Dollars worth of assets under a Management this was a big milestone for Voyager and according to inside sources Again one of the biggest wallets the Voyager held was Dogecoin when Elon Musk Started tweeting about Dogecoin back in February 2021 Voyager team cashed out Big time they encouraged their users to Trade Dogecoin with zero fees on their Website in their mobile app and this Have to add thousands of users which Pump the public stock and when the Voyager stock went up well Steven Decided to sell and around the same time Voyager started lending customer funds To none other than three arrows Capital Who of course ensured High returns and High yield and what our research team Has learned well there are no official Documents this was nothing more than a Handshake deal like most of their deals Were and this deal was the beginning of The downfall Voyager by now what was the Money pumping Stephen was no longer Involved in the day-to-day with voyager He was mostly attending PR events and Sporting events which I can't blame him I like sports it's nice he's not a nerd But to the board of Voyager it became
Very obvious Stephen only was using Voyager for his image he didn't care About it any longer he was simply using It to promote himself in the end it was All about M A that's right mergers and Acquisitions Stephen was looking for a Way out he wanted to leave the company Behind he was looking for his golden Parachute if you will later in 2021 People started asking questions about Trying to force Stephen out from the Inside from the board and Steven had Been packing the board with sick of fans No doubt about it you have the CMO the Chief marketing officer Pam Kramer she Had a budget of 10 million dollars a Month but she was keeping two sets of Books hmm interesting it was that Marshall Jensen the head of corporate Development and he knew not to ask any Questions along with another guy that Didn't want to ask any questions That's right none other than former Officer of the government Brian Brooks He was friends with Phil itan and once Again not a lot of questions were raised At the end of 2021 they started to get Very shaky for voyage on one day on the Toronto Stock Exchange stock fell 14 Percent Is they reported a 40 drop in revenue For the Year Stephen new Voyager was way Over leveraged in early 2022 he did his Part to try to pump Voyager he had to
Get the sentiment up because people were Starting to turn sour you see Steve and Phil they didn't know there was a shadow Whale pumping and manipulating the Entire industry Tara was his first Victim three arrows Capital at second And that it was only a matter of time Before Voyager was next the whale well That was Alameda research and it's Situationship with FTX as our house of Cards fell apart so do the rest of the Centralized crypto World especially when It came to lending and then Voyager fell Over through air its capital they were In deep with voyager and this was the Cork in the bottle on June 16th 2022 Through his Capital failed to meet its Margin Call and 11 days later it Defaulted on its Bitcoin and usdc Loans Voyager loan threw his Capital over 600 Million dollars of customer funds and Now they knew they were not going to get It backed 3ac was totally bankrupt Following the Playbook from Celsius Voyager began limiting customer Withdrawals and then a few weeks later Well they didn't just halt them they Stop them completely vgx token slid Backwards Into Obscurity and was being Manipulated by small whales but Voyager And Stephen Ehrlich well they were just The canaries in the mine when it came to Sounding the bells about FTX but if you Compare the two meltdowns side by side
It's not hard to see the similarities Tradify founder no risk management very Little corporate governance or oversight Great relationships with Regulators Extravagant spending on sponsorships and Marketing opaque bookkeeping high-yield Stable coin lending you see the Playbook Was all there and yet the crypto Industry failed to recognize them on the Bright side it looks like Voyager Customers will get some of their money Back we don't know yet if the same can Be said about FTX or Celsius customers But certainly those who lost money with Luna won't be getting their money back It doesn't look like Stephen Ehrlich and Philip Iden well they're going to get Away from all this with a golden Parachute and maybe a slap on the wrist At best thanks Gary you're a great Regulator the Voyager downfall it was Quick and it was dirty it took Bernie Madoff 30 years to get caught took Enron Several years get caught but you see Voyager was a product of greed and a Symptom of what happens when the crypto Community gets away from its principles Like self-custody it's been a hard Lesson for the crypto industry Influencers investors and developers Many people have their life savings or College funds on Voyager and their lives Been ruined this wasn't some silly nft Egg project or a meme coin they had the
Stamp of approval from Regulators it was A publicly traded company they onboard An entire cohort of normies people that Were locked in their houses during the Pandemic and just looking for a place to Trade and feel something many of the People with voyager onboarded well they Never touched crypto before many of them Are likely to never touch crypto after Most people get into crypto for the Gains well you stay for the Revolution And stories like this well they point us Back to what the revolution is all about Self-custody financial responsibility Two things the Voyager definitely was Not about you see if crypto is just a Pump and dump pump again it's all about Money then what does that really say About this revolution maybe Peter Schiff And Warren Buffett are right but I don't Think so I think that everybody deep Down who gets in crypto that stays for The long term you're here because you Believe in something bigger and Something greater can allow the greedy People like Stephen looking Philip Biden And others to make all the money and Ruin crypto for the rest of us no it's Those of us that are around when all the Pieces get crumbled to help put them Back together and I'm here to put them Back together with you Voyager users Hopefully you're going to be getting Your money back soon binance U.S has
Acquired Voyager we're still waiting on The details for what that exactly is Going to look like and we'll give you Those when they come so I gotta be Blessed [Music] Foreign [Music]
