Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01265
Voyager had filed for bankruptcy in July 2022 and had an initial distribution plan
ConstrainedCase description
Voyager Digital customers continued to experience delays in receiving distributions through 2024. Voyager had filed for bankruptcy in July 2022 and had an initial distribution plan approved in 2023. A key complication in 2024 was the failed Binance.US acquisition of Voyager's assets and the subsequent need to find alternative liquidation paths. Creditors who had deposited Bitcoin faced the prospect of receiving significantly less than the current market value of their holdings because distributions were calculated at petition-date values—representing an effective loss of approximately 60-70% of the bull market recovery gains.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2024 |
| 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.
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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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