Voyager CEO sold more than $30M in company shares before bankruptcy. Voyager CEO profited in millions after selling his company shares when the price was at its peak before the bankruptcy filing.
Sold His Company Shares
Steve Ehrlich, CEO of the now bankrupt crypto exchange Voyager was found to have made more millions in profit after selling his own shares of his company in February and March of 2021 when the stock price was at its peak roughly 19 months before the company officially filed for bankruptcy, CNBC reported.
Data from the Canadian Securities Administration showed that Ehrlich sold around 1.9 million in their shares during this time, which made him a profit of roughly $31 million.
🚨JUST IN: CEO of now-bankrupt Voyager made millions offloading firm’s stock months before insolvency
— CryptoMo (@CryptoMo) August 3, 2022
With the CEO himself having made lots of profit from selling shares of his shares only around a year and a half before the bankruptcy filing, many in the community are beginning to see this bankruptcy in a different light.
Previously With Voyager
In late June to early July, Voyager experienced a number of issues starting with the halting of withdrawals for customers funds. “This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” Ehrlich said in a statement about this issue.
Then on the 6th of July, Voyager officially filed for a chapter 11 bankruptcy, saying in their filings that it “had custody of $1.3 billion in customer crypto assets among its 3.5 million active users”.
“The prolonged volatility and contagion in the crypto markets over the past few months, and the default of Three Arrows Capital on a loan from the company’s subsidiary, Voyager Digital, LLC, require us to take deliberate and decisive action now,” Ehrlich said in a statement about the bankruptcy.