Voyager Digital Files For Bankruptcy: What Should You Do Next?

What’s gonna happen next with Voyager Digital?

So, Voyager Digital, a cryptocurrency exchange with a recent market valuation of over $1 billion, has officially filed for bankruptcy.

This implies that you might not be able to get your cryptocurrency assets back if you have them on the exchange. There are still some solutions available to you if your cryptocurrency assets are currently frozen on one of the other exchanges.

Here are some.

Suing them in Small Claims Court is the first option.

If a cryptocurrency exchange is stopping you from accessing your money, you can likely file a lawsuit against them in any Small Claims Court because they frequently service clients from all 50 states. You have a better chance of recouping your losses the sooner you file this form of litigation and receive a judgment.

However, keep in mind that the amount you can ask for in small claims court is restricted and varies by state. For instance, it is $10,000 in California and $20,000 in Texas.

Hire a lawyer is option number two.

You might wish to contact a lawyer if you have a lot of money on these frozen exchanges, but keep in mind that you could have agreed to arbitrate disputes when you signed up. That implies there won't be a trial; instead of a judge or jury, you'll have to resolve this conflict in front of arbitrators.

Thirdly, you might be allowed to take part in a class action lawsuit.

Then there's the fourth choice. Wait and pray.

You might receive your money back if some of these other exchanges that are on the verge of bankruptcy, like Celsius, are acquired by larger players.

However, everything changes if they file for bankruptcy like Voyager. Then, it's likely that you'll be an unsecured creditor, which means that you'll get paid last and may end up with nothing

Are you shocked that Voyager Digital filed for bankruptcy? Let us know in the comments below.

#crypto #news #businessnews