Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01186
Its collapse meant Voyager creditors—still blocked from their Bitcoin since July
ConstrainedCase description
In January 2023, US regulators blocked the proposed $1.02 billion acquisition of Voyager's assets by Binance US, citing national security and regulatory concerns. The acquisition had been seen as the most likely path to a full customer recovery. Its collapse meant Voyager creditors—still blocked from their Bitcoin since July 2022—faced a liquidation scenario with lower expected recoveries. The regulatory intervention, while intended to protect the financial system, extended the access blockage for ordinary customers who had no regulatory exposure.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2023 |
| 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
Evidence link
Related cases involving vendor lockout
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
Submit a case
← All cases
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.
Translate