Shingo Lavine Profile picture
Nov 29 27 tweets 12 min read
As many of you know, I've been following the #VoyagerBankruptcy quite closely and was a former director/CIO (resigned in Feb 2021)

I realize many don't have the full story of what happened in one place - a timeline of events

A thread on @investvoyager & @SBF_FTX 🧵 (1/n)
Voyager's lending business has always been rather opaque. Taken from their most recent interim financial statements (, the lenders were hidden forcing the community to speculate on how much risk/exposure there truly was Image
Voyager grew their lending book from $393M in June 2021 to over $2B in March 2022 - a over 400% increase in less than a year

This is despite the CEO assuring investors that there was "no contagion"
In an earnings call in May, Steve Ehrlich (@Ehrls15), CEO of Voyager, was assuring analysts that there was "no contagion" with lenders and that they had "conversations with every single one of them"

Whether or not this is true, @zhusu & @KyleLDavies would go on to ghost Voyager Image
It is also worth mentioning that there are some strange unexplained discrepancies between some of the reported numbers and "fair market value" that were caught by the community

On May 24, 2022, In a press release only distributed to Canada (and specifically not intended to be distributed to US), Voyager adds 3AC to their $60MM private placement Image
On June 14th Voyager provided an update saying they had a "straightforward, low-risk approach to lending and asset management" with "extensive due diligence"

Also, no participation in "DeFi lending, algorithmic stablecoins, lending or derivatives" & no exposure to Celsius Image
Worth noting that Kirkland & Ellis claim no conflict of interest between representing Celsius/Voyager

We do not know, however, whether Voyager withdrew assets from Celsius in advance of an impending bankruptcy…
June 17, 2022 - "White Knight" @SBF_FTX comes in and offers $200M cash/USDC + 15,000 BTC revolving line of credit to Voyager on what appears to be very favorable terms Image
As Voyager is a public company, the loan agreement is public on (highly encourage people to look at the source docs - happy to help people parse them too)

The most important, overlooked term in the loan is that FTX becomes the "Preferred Lender" Image
Why is this important? This is my opinion.

The same reason that FTX wanted Voyager creditor assets. FTX needed more assets to strengthen their balance sheet and needed Voyager's assets to cover the hole.

As we now know, FTX is insolvent with liabilities greatly exceeding assets
Also June 17, 2022 - Alameda buys more shares of Voyager (pursuant to the prior private placement)

I believe at this point Alameda is now the largest individual shareholder in Voyager Image
June 22, 2022 - Voyager provides a "market update" with their total exposure to 3AC

A few nights before, myself and some community members were trying to estimate 3AC exposure, but the amount lent blows all expectations out of the water in terms of size

$350M USDC & 15,250 BTC Image
Assuming 3AC is the Singaporean lender, that means in the wake of the @terra_money collapse in May, Voyager had actually increased, rather than decreased, their exposure to 3AC between March 2022 and June 2022

Speculation, but could have been linked to 3AC investment in equity Image
June 27, 2022 - Voyager issues notice of default to 3AC

"The platform continues to operate and fulfill customer orders and withdrawals"

Voyager draws $75M of the line of credit (which will later make alameda the largest individual creditor in Voyager)

Voyager engages Moelis Image
July 1 - Voyager suspends deposits/withdrawals

Voyager engages Moelis, Consello group & Kirkland and Ellis

We also get confirmation that the Singapore lender was 3AC (previously unknown information) ImageImage
Furthermore, we get information that as of June 30, 2022 that over half of Voyager's total loan book was loaned to 3AC Image
But not to worry! We have Tom Brady from Consello on the case

Screenshot of taken Nov 29, 2022 in case it changes ImageImage
July 5 - Voyager files for bankruptcy Image
July 7 - Voyager is Delisted from TSX Image
August 17 - Voyager sells @coinify back to coinify management for $2M

This is after previously buying Coinify for $84M just one year prior in Aug 2021… ImageImage
Sept 26 - after a "highly competitive auction process" FTX was selected to acquire Voyager's assets

$111M of "incremental value" was offered (of which a significant chunk was the $50/account incentive FTX US was offering)

"Best alternative for Voyager stakeholders" Image
As part of the process, @VoyagerUCC had conducted an investigation. The result of the investigation were disclosed to creditors

3AC had provided minimal information and provided only a NAV statement

Voyager CEO Steve Ehrlich claimed to have a net worth of $2.7M despite over $30M of stock being sold by SJE Consulting

Today, after months of waiting and a near miss with FTX, Voyager creditors sit in a worse spot than before with a restarted bankruptcy process and an unclear path forward

Voyager is now a part of 2022 crypto history!

Sources for this thread:

* Stretto
* My own pain and suffering

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More from @shingolavine

Jul 29
We, the co-founders of @ethos_io, have been working to come up with a restructuring plan to provide a greater recover for creditors in the Voyager bankruptcy

We do not feel we have been getting adequate access and a fair opportunity. We filed an objection with the court today 🧵
Although we do not know the reasons why the Debtors have not been more accommodating, we are concerned that management may be seeking to keep control

If this is the case, it would be bad for creditors. Potential plans that could provide a recovery should be vetted and considered
We do not view anything less than that as a fair way to run a bankruptcy bidding process. It is the way it should be.
Read 24 tweets
Oct 27, 2021
Voyager livestream starting now! Will live tweet highlights...

5 Year Partnership!!!

Mavs fans get 48 hours to deposit & trade to get $100 in crypto. Voyager's largest offering to date! $BTC
Also includes naming rights to the arena that they are sitting in
Read 12 tweets

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