Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01008
Platform bankruptcy — Voyager (2022)
ConstrainedCase description
Voyager's bankruptcy estate entered a complex bidding process in late 2022, with Binance US initially winning a $1.02 billion acquisition bid that was later blocked by US regulators. The regulatory block meant Voyager customers—who had expected their assets to be transferred to a functioning exchange—remained in limbo for additional months. Each delay in the bankruptcy process extended the period during which customers could not access their Bitcoin or other crypto assets.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | United States |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
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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