Voyager Now Moves To Liquidation Plan After Failed Deals With Binance.US
According to Voyager Digital’s lawyers, the insolvent crypto lender will self-liquidate its assets and cease operations after failing to reach an agreement on a sale to either FTX.US or Binance.US. According to the filing, a number of other major cryptocurrencies on the platform will not be liquidated but will instead be returned to customers in digital form, albeit at a recovery rate of around 36% – an appallingly low recovery rate compared to both estimates of their recovery rate of 72-73% if either of the acquisition plans were successful.
Creditors with any of the 67 supported tokens, including BTC and ETH, will be able to withdraw the maximum percentage of their crypto immediately. Voyager will sell any of the 38 unsupported tokens, including SOL and ALGO, and pay customers back in USDC, a stablecoin. The statement comes only ten days after Binance.US suddenly backed out of a $1 billion agreement to buy Voyager Digital’s assets when the US government intervened to prohibit a portion of it. Binance.US, the crypto exchange Binance’s sibling company that purports to be controlled separately, backed out of a $1.3 billion restructuring plan to purchase Voyager assets last week.
Source
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