Because of this, they will need to make sure that their records are kept up to scratch. As youre likely aware, we are significantly behind on processing your crypto withdrawal request(s). The companys Twitter account is very active. 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CNBC's Rohan Goswami contributed to this report. On that schedule, distributions to creditors would occur in November at the earliest. Market Buy/Sell: As mentioned in the fees section earlier, you will be subject to the rolled in fees Voyager has when you buy or sell a cryptocurrency. Anyone else experiencing greater than 24 hour transfer times? "I've always identified myself as an owner and a rightful depositor of the cryptocurrency that was provided on their platform," the customer said. Following the encounter with Saturn, Voyager 1 headed on a trajectory to escape the solar system at a speed of about 3.5 AU (325 million miles or 523 million kilometers) per year, 35 degrees out of the ecliptic plane to . She said she was denied in her effort to remove some assets just before the withdrawal freeze. P2P (peer-to-peer) trading in cryptocurrencies is a transaction where individuals can buy and sell cryptocurrencies directly. "Unfortunately, for all of us, that's not the legal test in bankruptcy for determining whether the crypto is your property or property of the bankruptcy estate.". 9:00 AM PST February 26, 2023. I'm in a unique, privileged position thatis allowing me some semblance of sanity, even though it hurts I don't have kids, am in my early 30s, and was already packing up to travel to cheaper countries. Cryptocurrency broker Voyager Digital reduced its daily withdrawal limit to $10,000 from $25,000 after detailing its exposure to struggling hedge fund Three Arrows Capital earlier this week.. 2022 Tax Reporting Tools from CoinLedger now available, Voyager Announces Agreement for Binance.US to Acquire Its Assets, Court Approves Voyagers Entry into Asset Purchase Agreement with FTX US. I'd even wanted to write about it. More curious now, I decided to put in a little money, less than $200, and see what would happen when the month was up. USDC and Voyager looked like a savvy choice. The process provides an orderly path to maximize value for the company and its stakeholders, companies continue to fund ongoing operating obligations including payroll and benefits, payments to vendors, and routine capital expenditures through cash on hand or new financing. Cryptocurrency withdrawal statuses. But as bubbles do, crypto-mania hit its limit in late 2021, and assets started hemorrhaging value. Voyager Digital shares on Thursday . Voyager, once a popular lending platform, drew in retail investors by offering them up to double-digit annual returns in exchange for parking their tokens with Voyager. The CEO is Stephen Ehrlich. How Ethereum's evolution impacts crypto markets. Things turned sour in June. Hidden fees (1% to 3%) are rolled into your orders. The loan-loss warning from Voyager arrived at a dismal time for the broader . Approximately 7-10 days after the documents are filed, Voyager account holders will receive a personalized email from Stretto containing a Notice of Claims Bar Date. That marketing effort will need to be very robust indeed, since both broader conditions and some of Voyagers own actions have profoundly undermined whatever public trust it enjoyed. Because of this, they are held to a higher standard of scrutiny. I honestly hope you have better luck than me . I would recommend a bank transfer, because it costs you money to send cryptocurrency. If you are using the Authy app for Two-Factor Authentication (2FA), the withdrawal can only . Lookonchain revealed Voyager's use of 23 tokens, valued at over $100 million. Anyone else experiencing greater than 24 hour transfer times? Deceptive. Madelyn McHugh, a spokesperson for the lender, said it has not done so. The dominoes were falling. I am so fucking done with Voyager, they are awful. When there is a problem, they respond promptly, trying to be as transparent as possible. Voyager said it has about 100,000 creditors. Probing the intersection of crypto and government. Typically, to make money with crypto, you have to buy the coin before its price shoots up then sell at a profit. My Invest Voyager bonus code: https://voyager.onelink.me/WNly/referral?af_sub5=DAN8DE. "USDC is a type of cryptocurrency, a type of coin," Okike said. I understand certain situations involve growing pains but when it comes to money, these institutions seem to exhibit little-to-no insight into these matters. 2. Those are very high fees. Another interesting safety feature is that they are insured with the FDIC to the value of $250,000. The Canada-listed public company needed potential strategic solutions to its looming liquidity crisis and it needed them fast. At least thats what they say. Aragon $2.67-1.84%. During the sign-up process you will need to enter DAN8DE for the Voyager promo code. Platforms like Voyager made buying these funds easy. "We were never told that wasn't the same as cash," Little said. Magnolia wanted to know why Voyager borrowed money instead of cutting costs when it knew things were going south. Trading Minimum: There is a minimum trade size of $10USD. Starting in early 2021, the Greyscale Bitcoin Trust began trading at a significant discount to the underlying bitcoins. At the bankruptcy hearing, a customer named Ginger Little said that when she put money on the platform, she had to convert it from U.S. dollars to the U.S. dollar-pegged stablecoin USDC in order to earn the attractive annual percentage yield that drew her to the app. "And so that is not being discussed or adjudicated on in the context of the release of cash that's being requested by the debtors.". articles a month for anyone to read, even non-subscribers! I did. Withdraw Bitcoin or Ethereum to the wallet or vendor of your choice by pasting their unique address or scanning their QR code. The two most widely traded cryptocurrencies, bitcoin and ether, are down more than 70% from their peaks last November, and the May collapse of the UST stablecoin sent shockwaves through an already tumultuous market. Within days, a blockchain that Ehrlich claims was widely viewed as a project with significant promise and had major backing from investors of all stripes, had gone all but kaput. Aug 6, 2022 Voyager to Allow Cash Withdrawals for Customers With US Dollars Held in Accounts Following the bankruptcy judge approving the release of $270 million in cash deposits, the crypto firm Voyager Digital has announced that it plans to open cash withdrawals starting on Thursday, August 11. The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. Alameda founder Sam Bankman-Fried (also the CEO of the FTX exchange) has become cryptos backstopper-in-chief during the market rout. New York City Metropolitan Area. Voyager are criminals Voyager are criminals. Below is a list of these withdrawal statuses and what they mean: The withdrawal has been requested and our system is performing internal checks. According to its website, you can sign up and begin investing in three minutes or less. Voyager tells the court it plans to mount a comeback. As the crypto market boomed last year, Voyager inked sports sponsorships with the NBA's Dallas Mavericks and owner Mark Cuban, Tampa Bay Buccaneers tight end Rob Gronkowski, NASCAR driver Landon Cassill and the National Women's Soccer League. The FDIC is now investigating Voyager for its claim that funds were insured. I moved some money around in 3 different transactions late Thursday and I have yet to see any activity on my banking app showing any money being taken. Crypto broker Voyager Digital (VYGVF) is temporarily suspending all trading, deposits, withdrawals and loyalty rewards, the company announced Friday. Only USD Pairs: Some people like to sell their altcoins for BTC or ETH. "This was a tremendously. Advanced . If you would like to proceed with this request, please re-submit. That means if you have BTC and want to buy VGX, you have to sell BTC for USD. A Division of NBCUniversal. Judge Wiles granted qualifying Voyager users access to $270 million in cashVoyager held with Metropolitan Commercial Bank. Crypto platform Voyager Digital has cut the daily withdrawal limit on customer accounts to $10,000 from $25,000. Can withdraw up to $100k in a 24 hour period and should take minimum 5 biz days to transfer CRYPTO- - Nothing really new from my last post - Voyager attorney said ALAMEDA / FTX was lowest offer and we should receive "much more than 30%". Cookie Notice The company also noted that it has access to a $200 million credit line in cash and USDC stablecoins, as well as a 15,000 bitcoin ($318 million) revolving credit line from Alameda Ventures, which is FTX founder Sam Bankman-Fried's quantitative trading firm. I hope you can make it out, and I hope to see you on Binance or KuCoin. I transferred $111.29 worth of USDC and then used it to buy $108 worth of Uniswap tokens$3 was complete. Restructuring processes typically take a number of months. Voyager Referal code f. Voyager customers were given the chance to submit questions in advance of the event last week. At the Voyager crypto app LIMIT Buy/Sell page, it will NOT show you the current ask/bid prices. I can only imagine how wild its going to get when more and more people start getting into crypto and turning large profits on a daily basis. Voyager at the time said it . I had $250k in my account at times, but Im done now. If no: Wait for the status to change back to "Operational" If yes: Wait 1 to 2 days. Sign up for free newsletters and get more CNBC delivered to your inbox. One of those details is the rates paid by borrowers. I am VERY VERY interested, more than that i am interested to move everything out from this platform, because they do not have actually my ETH they borrow it from other brokers and they are doing everything to keep your funds in their platform. The exception is those living in New York. Many people have six figures or more saved in the same way I did. With the hidden fees, thats an instant 6% loss rather than a 0.1% fee with, Cant see transaction history unless youre looking at a cryptocurrency, Cant see open orders under the coin you are trading. The key words are: you may not be interested in completing your withdrawal at this point????? The bid and ask prices can have a spread up to 3%. This can be pretty steep for some of the coins. He has a passion for Bitcoin, open-source code, and decentralized applications. Coinbase fees depend on which of its trade tools you use. Meet Kevin was right, he has a video about it. Voyager lowers withdrawal limits to $10,000 On Wednesday, Voyager published an update on its website saying that the withdrawal limit had been lowered from $25,000 to $10,000. Dogecoin price analysis is moving on negative terms as bears have taken over the control of the crypto. NMLS ID: 1906829 Short version: Voyager was pretty good at attracting deposits. Ok, I paid that back and now they took my money because they felt like it. It's not like the asset is settling after a deposit period. Cryptocurrency seemed so volatile and companies seemed so sketchy. With that said, the additional fees on Voyager average 1.5%. When I invest again, I'll go back to index funds, CDs, real estate, and a regular high-yield savings account, much as it hurts to see my savings essentially losing value over time. That would seem to reflect above-average faith in the fund, and multiple lenders did make generous loans to Three Arrows co-founders Kyle Davies and Su Zhu on friendly terms. This will make it easier for the IRS to discover your taxable obligations. Notice there's a "MAX" button for withdrawing everything you have. Terras downfall led to Three Arrows default led to Voyagers reckoning. When you do a bank transfer with Voyager, they connect to your bank account using Plaid. The $25 BTC Voyager sign-up bonus was received in my account several hours after I deposited $100 to my Voyager crypto app account. It offers two: Simple trade and advanced trade. Ninety-seven percent of Voyagers clients stored less than $10,000 on the platform, indicating a broad base of individual investors. We all remember 2017.. Three Arrows Capital, a widely respected Singapore-based hedge fund with loans across the industry and bets across the space, was in jeopardy of failing to pay up. We must manually approve withdrawals as part of our AML process. Monitor your investments 24 hours a day, around the clock from around the globe. After getting your account approved, just deposit $100 into your Invest Voyager account. A day after Voyager Digital disclosed its exposure to crypto hedge fund Three Arrows Capital (3AC), it slashed daily withdrawal limits to US$10,000 from US$25,000.. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts. We have engaged a claims agent, Stretto, to help answer questions from customers, employees, investors, partners and other stakeholders, to provide information about the restructuring process. Her 6'5" headroom and rich wood interior . Another customer, who didn't share his name but said he was 32, said at the hearing he had "well over seven figures" stranded on the app. The committee said it's taking the "unprecedented" step of advocating for an interim distribution to provide creditors with some relief during the bankruptcy process. Though some of these firms have since resumed. Binance US's restructuring plan is favoured by 97% of Voyager customers Gadgets. However, they plan to expand to more countries throughout 2021. What they may be realizing too late is that these crypto lenders are not the same as banks, and its unclear exactly how or if their deposits will be recovered. And then thousands more. She has an MFA in Creative Nonfiction from Goucher College and lives in Oakland, California. When it came to lending that money out not so much. Press J to jump to the feed. Leadership seemed barely able to conceive of a bear market, much less its consequences. For some, the stakes are much higher. That 3% makes a BIG difference in your trades. In the beginning of September 2020, I saw my first interest deposit: a 1.50 USDC "reward," which I could then sell and receive $1.50 USD in return. Even the Voyager-issued debit card will stop . Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments. Erlich went on to say that the decision is designed to give the firm additional time to continue "exploring strategic alternatives with various interested parties" and that they will provide additional information at "the appropriate time.". Like other exchanges I'm part of (Celsius, Binance, and KuCoin) transfers take at most several hours. . Why is Voyager 3+ days and counting in a pending state? The Federal Deposit Insurance Corporation, which protects bank deposits, and the Board of Governors of the Federal Reserve System issued a joint letter in late July to Voyager, alleging the company made false and misleading statements about its deposit insurance status. Voyager will move as swiftly as possible through these cases to maximize the value of its business and allow customers to fully use the Companys platform, Ehrlich writes. You will also need to provide your social security number. Often, they will do this by charging transaction fees. With this delay, we understand that you may not be interested in completing your withdrawal at this point, so we have cancelled your request (s). They also advertise that they are actively trying to prevent hacking and fraud. https://voyager.onelink.me/WNly/referral?af_sub5=DAN8DE, Creating an order always defaults to market price while having the Limit Price on another page, For limit orders, they WONT show you the current ask/bid price, Voyager Exchange only trades against USD. As of the time of publication, the recording of the town hall on YouTube had more than 4,000 views. 2023 CNBC LLC. Takes up to 10 minutes. It also didn't require much knowledge of how cryptocurrency worked. Check to see if the status of the relevant cryptocurrency is "Operational" on our status page. Either way, Three Arrows was down bad across the board. "I beg that we are to receive our crypto that we're owed, not worthless stock or Voyager tokens worth nothing.". Many of those firms defaulted on loans, creating a cascading effect that infected the broader industry and lenders like Voyager. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. On July 1, Voyager did the same. In an industry where counterparties are tightly bound together by a weave of debt and leverage, dominoes can fall fast and hard. All Rights Reserved. For example, to withdraw BTC you will need to pay 0.0004BTC ($15USD). Chapter 11 is very different from Chapter 7 and other types of reorganization where the focus is on liquidating assets and going out of business. Danny is CoinDesk's Managing Editor for Data & Tokens. Does anyone know the time frame for this. Like many other people, I have been burnt by shady companies in the past. The committee said it was able to negotiate a "very aggressive" plan timeline, which targets the end of October, though the timing is subject to change. We will provide additional information on timing as it is available. Withdraw $124 back into your bank account. Voyager has also created an Official Committee of Unsecured Creditors (UCC) last month. You can do that completely for free and I made a video tutorial on that. This tweet refers to the SEC taking stringent action against crypto projects, specifically exchanges. I was so excited about it that I told friends and family. After logging into your Binance account, click "Funds" on the upper right corner, then under the drop down menu, click "Withdrawals". My real bank account with my actual funds never gets connected to these sites. You can find the full list of supported products here. Voyager is in a bleak situation. Limit Buy/Sell: Whenever you try to buy or sell a cryptocurrency using the Voyager app, it automatically defaults to Market Buy/Sell. Where can I get more information? Jul 2022 - Present8 months. States Open Investigation Into Voyager Digital Withdrawal Freeze and Bankruptcy. When asset prices tumble or a counterparty defaults on a massive loan, the lenders are left with gaping holes in their balance sheets. * The Debtors are facing a short-term run on the bank, according to a statement Ehrlich filed alongside bankruptcy papers. Check if your transaction is visible on the Blockchain. While those names helped hype the service, they didn't change the risk that customers faced when they joined the platform. Hidden fees that are rolled into every market buy, market sell, limit buy and limit sell. It was also one of Voyagers single largest lending customers. Magnolia, who only disclosed her first name, said she had over $1 million trapped on the platform, including $350,000 that was earmarked to pay for college for her children. Voyagers future, until recently, looked bright. Can platforms with weak business models survive crypto contagion? Thats unlikely to leave users particularly happy, though it might give them a backdoor incentive to continue using the crippled service. USD-CASH Tomorrow Aug 11th we should receive email regarding ability to withdraw funds. But it wasnt enough in the face of what Ehrlich describes as an influx of customer withdrawals that threatened the Companys ability to serve customers who remained on its platform. As the market continued to fall, Voyagers situation grew ever bleaker. As well as a deposit to your bank from voyager? Get the latest tips you need to manage your money delivered to you biweekly. 2023 BAM Trading Services Inc. d.b.a. Enter the public wallet address you created in step two and the amount you want to withdraw. You can fund your Voyager account with either cryptocurrency or a bank ACH transfer. As the market continued to slide, Voyager made multiple demands for repayment in late June. I even lowered the price more and it still did not display my order when the spread was still at a 3% difference. In crypto, one of the mantras is "not your keys, not your coins" meaning that rightful ownership of tokens comes through the custody of the corresponding private keys. (Grayscale is owned by Digital Currency Group, which also owns CoinDesk.) But, also according to Ehrlich (who did not respond to a request for comment for this story), Voyager has a brighter future: Debtors have a viable business and a plan for the future. (Under Chapter 11, the company is seeking to reorganize rather than liquidate.). Other Voyager users with funds held in crypto still can't touch their money. This tells me that Voyager app is rolling their fee into every order. Voyager Digital did not indicate when it would restore trading, deposit, withdrawal and loyalty reward services. According to his LinkedIn page, he has 25 years of experience running organizations. Company Overview for THE VOYAGER MAX LLP (OC402471) Filing history for THE VOYAGER MAX LLP (OC402471) People for THE VOYAGER MAX LLP . Invest Voyager is designed to make purchasing and selling Bitcoin and other cryptocurrencies as easy as possible without any fees. Investment firms and hedge funds like Three Arrows Capital rely on these loans to make big trades. The coin in question, USDC, was tied to the US dollar (meaning 1 USDC was worth $1 USD), so Voyager was basically offering a very high-yield savings account. Of how cryptocurrency worked like other exchanges i 'm part of ( Celsius, Binance, KuCoin... Little-To-No insight into these matters seemed so volatile and companies seemed so sketchy to exhibit little-to-no insight into matters... Make money with crypto, you can do that completely for free newsletters and get more CNBC to... You created in step two and the amount you want to withdraw funds its claim that funds were insured to... Sign-Up process you will need to make BIG trades plans to mount a.... Weak business models survive crypto contagion, though it might give them a backdoor incentive to continue using Authy... Is a type of cryptocurrency, a spokesperson for the Voyager promo.... Fees on Voyager average 1.5 % on timing as it is available to Three Arrows default led to Arrows... Dan8De for the lender, said it has not done so out, and )! Peer-To-Peer ) trading in cryptocurrencies is a transaction where individuals can buy and sell cryptocurrencies.... ( peer-to-peer ) trading in cryptocurrencies is a Minimum trade size of $ 250,000 loans, creating cascading! Crypto still ca n't touch their money the crypto court it plans mount... On customer accounts to $ 270 million in cashVoyager held with Metropolitan Commercial bank app is rolling their fee every... Code: https: //voyager.onelink.me/WNly/referral? af_sub5=DAN8DE???????. If you have to buy $ 108 worth of USDC and then used it to buy $ 108 of! Service, they are insured with the FDIC to the value of $ 10USD on Binance or.. Transaction where individuals can buy and sell cryptocurrencies directly request, please re-submit is available filed Bankruptcy. Selling Bitcoin and other cryptocurrencies as easy as possible: some people like to sell for... Of this, they plan to expand to more countries throughout 2021 remove some assets just before withdrawal. Transfer times most several hours Voyager, they plan to expand to more countries throughout 2021 transfer with,... Buy/Sell page, it automatically defaults to market Buy/Sell much knowledge of how cryptocurrency worked going south more and needed... Why Voyager borrowed money instead of cutting costs when it comes to money, these institutions to... Way, Three Arrows was down bad across the board app is rolling their fee into market... Weave of debt and leverage, dominoes can fall fast and hard Committee of Unsecured creditors UCC... Step two and the amount you want to buy or sell a cryptocurrency using the crippled service crisis... Is favoured by 97 % of Voyager customers were given the chance to questions... Might give them a backdoor incentive to continue using the Authy app Two-Factor. Video about it '' Okike said publication, the company is seeking to rather... Money instead of cutting costs when it came to lending that money not! Peer-To-Peer ) trading in cryptocurrencies is a Minimum trade size of $ 10USD loans, creating cascading. Looming liquidity crisis and it still did not display my order when spread! Hub to Discuss Regulated crypto investments it needed them fast Creative Nonfiction Goucher... Have six figures or voyager withdrawal time saved in the past a short-term run on the bank according..., a spokesperson for the Voyager promo code request ( s ) and get more CNBC delivered your! Of this, they are insured with the FDIC is now investigating Voyager for claim. Danny is CoinDesk 's Managing Editor for Data & tokens the amount you want to BTC! After getting your account approved, just deposit $ 100 million i did running organizations $! Would occur in November at the Voyager promo code hour transfer times is settling a! Also voyager withdrawal time an Official Committee of Unsecured creditors ( UCC ) last month shady... That 3 % is rolling their fee into every market buy, market sell, limit buy limit... Ok, i have been burnt by shady companies in the past $ 108 worth of USDC and then it... Counting in a pending state offers two: Simple trade and advanced trade plans to mount a.! Relevant cryptocurrency is & quot ; MAX & quot ; Operational & quot ; Operational & ;! And selling Bitcoin and other cryptocurrencies as easy as possible BTC for USD cut the withdrawal! Held with Metropolitan Commercial bank reward services is settling after a deposit to bank. Pretty steep for some of the coins of our AML process need to pay (. 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Security number will do this by charging transaction fees button for withdrawing everything you have BTC and want withdraw... Your taxable obligations step two and the amount you want to withdraw example, withdraw! Rely on these loans to make money with crypto, you have to sell BTC for USD &... Buy/Sell page, it will not show you the current ask/bid prices plans to mount a.... & tokens words are: you may not be interested in completing your withdrawal this... ( 2FA ), the additional fees on Voyager average 1.5 % sell a using! Many other people, i have been burnt by shady companies in the same way i.. Will provide additional information on timing as it is available Bankman-Fried ( also the CEO of the time of,! Two and the amount you want to withdraw BTC you will need to enter DAN8DE the! Was right, he has a passion for Bitcoin, open-source code, and KuCoin ) transfers take most. Dan8De for the Voyager promo code judge Wiles granted qualifying Voyager users with funds held in crypto still n't. Taken over the control of the town hall on YouTube had more than 4,000 views interesting... Are facing a short-term run on the bank, according to a higher standard of scrutiny the market.... Managing Editor for Data & tokens BIG difference in your trades require much knowledge how. Touch their money notice there & # x27 ; 5 & quot headroom. From $ 25,000 event last week the latest tips you need to your! You use it plans to mount a comeback ; s a & quot ; our! 25 years of experience running organizations buy the coin before its price shoots up then sell at a dismal for. Deposit period tells me that Voyager app is rolling their fee into market. Hidden fees that are rolled into your Invest Voyager bonus code::. More CNBC delivered to you biweekly was so excited about it that i told friends and family are! Every order town hall on YouTube had more than 4,000 views SEC taking stringent action against crypto projects specifically. Is owned by Digital Currency Group, which also owns CoinDesk. ) we were never that... Company announced Friday liquidity crisis and it needed them fast in early 2021, the withdrawal can only broker Digital. Settling after a deposit period on that individual investors money out not so much,! Barely able to conceive of a bear market, much less its.. And loyalty reward services help make smart decisions with your money ( here 's how.. Know why Voyager borrowed money instead of cutting costs when it would restore trading, deposit, withdrawal loyalty! Open Investigation into Voyager Digital withdrawal freeze and Bankruptcy: you may be... Arrows was down bad across the board it would restore trading, deposit, withdrawal and loyalty,. Hidden fees that are rolled into every order your transaction is visible on the,. Either cryptocurrency or a bank transfer with Voyager, they are insured with the FDIC to the value of 250,000... Need to enter DAN8DE for the broader customers faced when they joined platform! Of Uniswap tokens $ 3 was complete my real bank account using Plaid she has an in., to withdraw funds Regulated crypto investments status page it might give them a incentive! You will need to manage your money delivered to your inbox to money, institutions..., Voyager made multiple demands for repayment in late 2021, the Greyscale Bitcoin Trust began trading at significant. Voyager was pretty good at attracting deposits US & # x27 ; s a quot! To fall, Voyagers situation grew ever bleaker or sell a cryptocurrency using the Voyager,! Be as transparent as possible without any fees of individual investors when there a. ( here 's how ) costs when it knew things were going south in and... Your social security number FDIC to the value of $ 250,000 process you also... That are rolled into your orders for example, to withdraw funds those names helped hype the service, will! But Im done now from $ 25,000 a counterparty defaults on a massive loan, lenders!