The big platform bankruptcy case comes to an end: Voyager class-action lawsuit dismissed. How costly is the crypto lending frenzy?

【Chain Wen】The story of the crypto lending platform Voyager has taken a new turn. A collective lawsuit against the platform’s executives was ultimately dismissed, and the once-promised high-yield lending platform is now a thing of the past.

Looking back at that crazy period, when Voyager filed for Chapter 11 bankruptcy protection, the platform had approximately $1.3 billion in locked crypto assets. This was not an isolated incident—2022 saw a collective collapse in the crypto market. The collapse of the Terra ecosystem directly triggered a chain reaction, causing about $40 billion in market capitalization to evaporate instantly, and its founder was even sentenced to 15 years in prison earlier this year.

These waves of bankruptcy reveal a fundamental issue: when high-yield promises meet systemic risks, the game of cat and mouse among platforms, investors, and regulators becomes one where no one can come out unscathed. Voyager’s collapse is more like a mirror reflecting the fragility of the crypto lending model in a bear market. The dismissal of legal proceedings may mean that it becomes even more difficult for investors to defend their rights, but perhaps this is the beginning of market reflection.