Voyager Crypto Lawsuit: The False 'FDIC-Insured' Claims

What Voyager Told Customers

Voyager Digital was a crypto platform that, from around 2018 until its July 2022 bankruptcy, assured customers their deposits were “safe” and, crucially, that their accounts were insured by the Federal Deposit Insurance Corporation (FDIC) — “as safe with us as at a bank.” The FTC said that was false: the FDIC does not insure crypto, and when Voyager failed, customers lost access to more than $1 billion in assets.

The false safety promise is what turned a business failure into a deception case.

The FTC Settlement

The FTC reached a settlement permanently banning Voyager from handling consumers’ assets and imposing a $1.65 billion judgment — suspended so the defunct company’s money could go toward repaying customers instead. Separately, the FTC pursued former CEO Stephen Ehrlich; in 2025 he agreed to a ban and a $2.8 million payment to resolve the charges that he falsely marketed the accounts as FDIC-insured and safe.

A suspended judgment is common when a company is insolvent: the point is customer restitution rather than a fine the company cannot pay.

How Customers Recover

As with other collapsed crypto platforms, customer recovery runs through the bankruptcy process and related settlements — including a $450 million settlement of claims between Voyager and FTX. Customers should rely only on the official bankruptcy claims process and be wary of any “asset recovery” outfit that asks for a fee or private keys.