‘I’m out millions of dollars’: Thousands of crypto investors have their life savings frozen as Voyager files for bankruptcy protection

Like countless others, he decided to give the cryptocurrency broker a try. The platform was easy to navigate. It offered him an up to 9% annual percentage yield (APY)—much higher than a traditional savings account. It claimed to be FDIC (Federal Deposit Insurance Corporation) insured. And being a publicly traded company on the Toronto Stock Exchange, he thought, how bad could Voyager be?

Robert, who asked to be identified by only his first name for privacy reasons, ultimately invested six figures on Voyager, or 70% of his savings, he tells Fortune. Another user, who invested on Voyager for about six years and asked to remain anonymous due to safety concerns, has about $38,000 invested on the platform.

But now, both of them are unable to withdraw any of their money, as the company suspended trading on July 1 and filed for Chapter 11 bankruptcy protection late Tuesday.