• Voyager Digital is facing accusations of hiding financial information from creditors and misinforming the public about its financial state.
• A creditor, Michelle DiVita, requested a Chapter 11 trustee to take control of the company’s estate.
• DiVita’s filing also claims that Voyager undervalued Bitcoin to hide missing links in the company’s financial books.
Accusations Against Voyager Digital
Voyager Digital is facing accusations of hiding financial information from creditors and misinforming the public about their financial state. The allegations stem from a motion filed by creditor Michelle DiVita on Feb 1st, which calls for a Chapter 11 trustee to seize control of the firm’s estate.
DiVita’s Accusations
DiVita’s motion also accuses Voyager of concealing loan information totaling $1 billion and understating loans published in their Mar 31st financial report. Additionally, DiVita believes that Voyager has materially undervalued Bitcoin in order to conceal crypto loans credited to the firm’s account by 3AC.
Shigo Lavine’s Breakdown
Former director of Voyager Digital, Shigo Lavine, further broke down DiVita’s filing with a lengthy thread on Twitter. He claimed that if there were fraudulent activities hidden in the company’s books, then a trustee should be appointed for Voyager’s bankruptcy case according to legal proceedings. Lavine went on to explain that what had occurred was a 546% difference between the market value and what was reported as BTC loan amounts by Voyager Digital.
Request for Trustee Appointment
Michelle DiVita has requested appointment of a trustee due to her concerns regarding inaccurate data being provided by Voyager Digital and misrepresentation of their bankruptcy situation. She is currently following legal steps necessary to push forward this process as she pleads for accountability from VoyageurDigital over this matter.
Conclusion
It remains unclear whether or not these accusations will be substantiated and if any action will be taken against VoyageurDigital at this time or if they will continue operating unchecked as usual; however it does remain certain that these are serious allegations with potentially large implications for both VoyageurDigital as well as its creditors moving forward into 2023 and beyond.