Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01029
Institutional lockout — Voyager (2022)
BlockedCase description
Three Arrows Capital, a major crypto hedge fund, defaulted on a $650 million loan from Voyager Digital in late June 2022 and was ordered into liquidation by a British Virgin Islands court on 27 June 2022. The fund had borrowed assets from numerous counterparties on an uncollateralized basis. Counterparties who had lent Bitcoin and other crypto through institutional arrangements found their positions unrecoverable as 3AC's assets were insufficient to repay creditors.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Blocked |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | British Virgin Islands |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Access was not recoverable.
Outcome interpretation
Access was not possible under the reported conditions.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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