The Commodity Futures Buying and selling Fee (CTFC) is reportedly considering taking enforcement motion in opposition to the co-founder of a bankrupt crypto lender.
In response to a brand new report by Bloomberg, the CTFC is contemplating charging Stephen Ehrlich, the ex-chief govt of Voyager, of deceptive prospects in regards to the security of their belongings after launching an investigation into the troubled agency.
Nameless sources conversant in the difficulty advised Bloomberg that CTFC commissioners are presently voting on whether or not or to not take enforcement actions in opposition to Ehrlich inside the subsequent few days.
Nevertheless, the report notes that Ehrlich has not but formally been accused of any wrongdoing, additionally including that the CFTC can solely file civil costs.
In an e mail to Bloomberg, Ehrlich – who was the CEO of Voyager when it filed for chapter in July 2022 – stated that he was “angered and perplexed” by the CFTC’s potential enforcement actions, calling them unfounded.
As additional said by Ehrlich within the e mail,
“Day in and time out, Voyager labored intently with the related regulators. These allegations seem like a kind of occasions the place the referees are making new guidelines and calling foul after the sport has ended. I look ahead to being vindicated in court docket.”
In August, blockchain tracker Lookonchain discovered that Voyager had been promoting belongings on prime US-based crypto alternate Coinbase and obtained about $85 million value of the stablecoin USD Coin (USDC).
Voyager went bankrupt in 2022 after Three Arrows Capital (3AC), one other crypto lending agency, did not pay again a mortgage value a whole bunch of hundreds of thousands of {dollars}.
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