Voyager sought Chapter 11 bankruptcy protection earlier this month.
A spokesman didn’t immediately respond to a request for comment on Thursday’s letter.
Voyager had marketed its accounts as protected by that national safety net, an attractive pitch in the volatile world of cryptocurrency.
“In the rare event your USD funds are compromised due to the company or our banking partner’s failure, you are guaranteed a full reimbursement (up to $250,000),” Voyager wrote in 2019.
Thursday its website said “Your USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured, so the cash you hold with Voyager is protected.” Metropolitan Commercial is a small New York bank overseen by the Fed.
Individual customer accounts are eligible for insurance, but only in the case of a failure of the bank, not Voyager, Metropolitan Commercial said earlier this month. That is typical since the FDIC only backstops participating banks.
The confusion drew the attention of the FDIC,...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...