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    Home»News»Business»Voyager Digital Set to Liquidate Assets After Failed Purchase Deals
    Business

    Voyager Digital Set to Liquidate Assets After Failed Purchase Deals

    Anietie DavidBy Anietie DavidMay 9, 2023Updated:May 9, 2023No Comments2 Mins Read
    Voyager Digital Set to Liquidate Assets After Failed Purchase Deals
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    Voyager Digital is planning to self-liquidate its assets and shut down operations after failing to secure purchase deals with Binance as well as FTX.US.

    The proposed FTX-Voyager transaction fell through as a result of the exchange’s sudden bankruptcy and the following arrest of its CEO, Sam Bankman-Fried. However, the failure of the transaction with Binance’s American subsidiary was considered as a big setback to the digital asset industry’s aspirations to establish itself in the US despite a growing crackdown by regulators.

    The anticipated initial recovery of Voyager’s consumers was determined to be 35.72%, according to a court filing on May 4th. It was also disclosed that 38 “unsupported” coins, including Tron (TRX), Solana (SOL), Algorand (ALGO), Celo (CELO), and Avalanche (AVAX), will be liquidated and refunded to clients.

    Those who own any of the 67 “supported” assets, such as Bitcoin (BTC) and Ether (ETH), will, on the other hand, be allowed to withdraw the maximum percentage of their holdings directly. The first shipments are planned to commence in the coming weeks.

    Any objections to the liquidation process must be addressed to the US Bankruptcy Court for the Southern District of New York by May 15th at 4 PM EST.

    Voyager Digital Purchase Deal Failures

    In July 2022, Voyager Digital filed for bankruptcy when crypto hedge firm Three Arrows Capital (3AC) defaulted on a substantial credit position granted by the platform. Since then, the corporation has been figuring out how to restore assets to investors who used its services.

    FTX won the offer to purchase its assets in October 2022, a month before its own demise. Binance.US subsequently made an offer to Voyager Digital, which it stated as “the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited time frame.”

    Binance.US spent months attempting to persuade regulators to accept the transaction, but encountered various difficulties, including resistance from the Securities and Exchange Commission (SEC) and the Committee on Foreign Investment in the nation.

    The $1 billion transaction was terminated last month after the exchange submitted a letter of termination citing the harsh regulatory environment. The development was described by Voyager as “disappointing.”

    Blockchain Voyager Digital
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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