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Voyager Being Probed by FTC for Deceptive Crypto Marketing
The agency doesn’t want a proposed sale deal to Binance US to limit its investigation.
Updated Feb 22, 2023, 8:56 p.m. Published Feb 22, 2023, 2:25 p.m.
Bankrupt crypto lender Voyager Digital and its executives are being probed for deceptive marketing of cryptocurrency, the U.S. Federal Trade Commission said in a legal filing Wednesday.
The FTC said it doesn’t want any plan to wind up the affairs of Voyager – the "debtor" in the legal filing – to interfere with its investigation.
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“The FTC has commenced an investigation into certain acts and practices of Debtors and Debtors’ employees, directors, and officers, for their deceptive and unfair marketing of cryptocurrency to the public,” the filing said.
A bankruptcy plan proposed by Voyager on Jan. 13 included a sale of company assets to crypto exchange Binance US. The plan, however, would also have released the company and its employees from financial claims, potentially including those related to wrongdoing, the FTC said.
“By not excluding, inter alia, false pretenses and false representations, the release can be read to interfere with causes of action by a governmental unit like the FTC,” inhibiting the agency’s ability to prosecute its claims, the filing argued.
In June, the FTC warned consumers had lost over $1 billion to crypto scams and bogus investment schemes.
Counsel for Voyager Digital did not immediately respond to a request for comment.
Read more: Judge Allows Binance.US Bid to Buy Voyager Assets to Advance
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