1. QiAi QuestsHome
  2. AI & Tech Insights

The FTC Opposes Voyager Digital’s Third Bankruptcy Plan Due to Fraudulent Cryptocurrency Marketing Practices

• AI & Tech Insights • 90 views

It is reported that the United States Federal Trade Commission (FTC) opposed the third bankruptcy reorganization plan of the encryption broker Voyager Digital….

The FTC Opposes Voyager Digitals Third Bankruptcy Plan Due to Fraudulent Cryptocurrency Marketing Practices

It is reported that the United States Federal Trade Commission (FTC) opposed the third bankruptcy reorganization plan of the encryption broker Voyager Digital. FTC said in a legal document on Wednesday that Voyager Digital and its executives were being investigated for fraudulent marketing of cryptocurrency. According to the document, the Federal Trade Commission has begun to investigate certain acts and practices of the debtor and its employees, directors and officials, because they fraudulently and unfairly market cryptocurrency to the public.

US Federal Trade Commission: Voyager is under investigation of fraudulent encryption marketing

Interpretation of the news:


The United States Federal Trade Commission (FTC) has opposed Voyager Digital’s third bankruptcy reorganization plan, citing ongoing investigations into the company’s fraudulent cryptocurrency marketing practices. According to a legal document filed by the FTC on Wednesday, Voyager Digital and its executives are being investigated for misleading and unfair marketing of cryptocurrency to the public.

The FTC is taking action against Voyager Digital under Section 5 of the Federal Trade Commission Act, which prohibits “unfair or deceptive acts or practices in or affecting commerce.” The commission’s investigation reportedly focuses on Voyager Digital’s promotion of its commission-free cryptocurrency trading app, which allegedly made misleading statements about the app’s capabilities and fees.

Voyager Digital filed for bankruptcy in March 2019, citing mounting debts and declining cryptocurrency prices. The company’s first two proposed reorganization plans were rejected by the bankruptcy court due to concerns about the feasibility of the plans and the company’s financial situation.

While the FTC’s investigation may delay Voyager Digital’s bankruptcy proceedings, it also highlights the growing scrutiny of cryptocurrency marketing practices by regulatory agencies. The FTC has been stepping up its enforcement efforts in the cryptocurrency space, launching multiple investigations and lawsuits against companies and individuals who engage in deceptive or unfair practices.

The importance of transparency and accurate marketing cannot be overstated as it has a direct impact on user trust and credibility in the cryptocurrency space. Investors look to companies that display transparency more seriously, and those that engage in fraudulent practices are likely to lose considerable amounts of goodwill.

In summary, Voyager Digital’s third bankruptcy plan has been opposed by the FTC due to ongoing investigations surrounding the company’s fraudulent cryptocurrency marketing practices. This case serves as a reminder of the importance of transparency and ethical practices in the cryptocurrency industry.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/ai/2559.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/22/2023 15:05
Next 02/22/2023 15:19

Related recommendations