Voyager Digital filed for bankruptcy in July 2022 amid the crypto market downturn, but U.S. regulators have still charged the platform and former CEO with defrauding users.
The legal action followed reports staff at the CFTC had completed an investigation concluding Stephen Ehrlich violated U.S. derivatives regulations.The United States Commodity Futures Trading Commission and Federal Trade Commission have filed parallel lawsuits against Stephen Ehrlich, the former CEO of crypto lending firm Voyager Digital.it had filed a lawsuit in U.S.
“Ehrlich and Voyager lied to Voyager customers,” said CFTC enforcement director Ian McGinley. “While representing they would treat customers’ digital asset commodities safely and responsibly, behind the scenes, they took shockingly reckless risks with their customers’ assets, leading to Voyager’s bankruptcy and huge customer losses. When their business began to collapse, they continued lying to their customers, concealing Voyager’s true financial health.
Both the CFTC and FTC have cases pending against crypto firms and their executives, including former Celsius CEO Alex Mashinsky and former FTX CEO Sam Bankman-Fried, whose first criminal trial started on Oct. 3. In July, Binance and its CEO, Changpeng Zhao,
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