Voyager Digital Plans to Liquidate Assets, Wind Down After Sale Dreams Crushed
Lawyers for Voyager Digital say the bankrupt crypto lender will self-liquidate its assets and wind down operations after failing to clinch a deal on a sale to either FTX US or Binance.US. The announcement, made in a court filing on Friday, comes 10 days after Binance US abruptly pulled out of a $1 billion deal to purchase Voyager Digital’s assets following a U.S. government intervention to block part of it. Before the deal with Binance US, the crypto had a deal to sell itself to FTX.
According to the filing, Voyager’s customers will receive an initial recovery of 36% of their crypto holdings – an abysmally low recovery rate compared to both estimates of their recovery rate of 72-73% if either of the acquisition plans were successful, as well as recovery estimates for creditors of other bankrupt crypto platforms. Celsius’ creditors, for example, will receive an estimated 70% of their holdings. The recovery rate could rise, according to the filing, if defunct crypto trading firm Alameda Research’s attempt to claw back $446 million from Voyager’s estate fails. In addition to reserving $446 million of the estate’s holdings for the Alameda suit, Voyager’s lawyers are also withholding an additional $259.6 million for litigation costs.
Source
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