Some lies are so obvious that if you believe them you are at fault. Nigerian prince wants to send you 10 million dollars, but doesn't have the funds to cover wire transfer fee? Someone promises you to double your within a month with crypto? If you believe in any of those then you're clearly incapable of making your own life decisions, and your money will be put to much better use by the scammer who tricked you than by yourself.
If you believe in any of those then you're clearly incapable of making your own life decisions, and your money will be put to much better use by the scammer who tricked you than by yourself.
And yet here we are with a bunch of people who were wiped the fuck out by promises the crypto ponzi scheme Voyager deposits were FDIC insured.
Except customer's funds were considered loans to Voyager and it was Voyager's deposits that were protected, not their victims.
But I'm sure the criminals running Voyager are spending the money much more wisely than some grandma on a pension ever could.
Dude read, I get that you think the victims deserve to lose their savings because of course the dominant financial news for the last few years with no fraud charges was clearly a scam, right?
The voyager victims were repeatedly and explicitly told that their deposits were FDIC insured - they were literally doing the “right” thing and putting their money in a safe high[er] interest rate bank, and their money was insured if the company did collapse.
Except they were being lied to the entire time, and there was no such insurance, so all their “safe” savings are now gone, while the owners of the fund are rich.
Shame on crypto hucksters for lying and defrauding the common man but some blame is shared for betting so much with such little knowledge. If you have a house and/or a life savings and decide to bet it all on a get rich quick scheme then you get what you deserve. You have no sense and do not understand what you are doing. It is amazing that you even amassed a house or life savings to bet. You played yourself with your greed, envy, and pride.
These people weren't betting it all on a get rich quick scheme though. This was not putting money into something that lost market value. Their accounts still claimed to have a specific value, and then Voyager stopped letting them withdraw any of it.
What they did put their savings into an account that had a higher interest rat than a bank or credit union. The amount they were promised was lower than the normal interest rate for a normal bank savings account when I was a kid - again, not some promised massive return that you seem to think it was.
What you are saying is that anyone who has their money in a single bank is an idiot, because that bank or credit union could actually have been stealing their money, and be lying about having FDIC coverage.
Now, many (most?) of the victims here had their entire balances in USDC - a coin that is still 1:1 with US dollars - they were told that their accounts were in US dollars. They were repeatedly told that their accounts were FDIC insured, and that the company had sufficient reserves to repay all balances. This was a publicly traded US company, and the CEO was a former etrade CEO. They had no reason to not believe any of those claims - after all, the SEC, etc exists specifically to prevent that kind of fraud, and surely claiming FDIC insurance when you don't have it would be called out by the FDIC.
So again, this was NOT people trying a get rich quick scheme, these were people who were trying to have their savings in a higher, though still entirely plausible, interest rate. They were not investing in anything risky - they were keeping, as far as they knew, US dollars - and even though it was actually USDC, USDC is still 1:1 with US dollar, so they should be able to withdraw those coins.
Stop trying to blame victims.
Stop trying to claim that they were "investing" in a get rich quick scheme.
Stop trying to claim that they "should have known" it was fraudulent.
Just stop.
Unless you can provide some kind of justification for your victim blaming that would not equally apply to me as all my cash is in accounts with Wells Fargo.
On the flip side, the frauds, criminals, and liars that run the entire crypto circus can all die in a fire.
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