Voyager Digital Plans to Liquidate Assets
After failing to reach a deal with either FTX US or Binance, the bankrupt crypto lender is going to self liquidate & shut down it's operations.
Few days back Binance.US abruptly pulled out of a $1 Billion deal to purchase Voyager Digital assets, when the US Government intervened and prohibited part of it.
Voyager digital also made a similar deal to FTX. When FTX went bankrupt alongside Voyager in November, the first contract was cancelled.
The filing states that Voyager's customers will receive an initial recovery of 36% of their crypto holdings.
The recovery rate is appallingly small compared to the estimated 72%-73% recovery rate if one of the two acquisition plans was successful.
According to the filing, the recovery rate could increase if defunct crypto trading firm Alameda Research's quest to recoup $446 million from Voyager's estate fails.
Voyager’s attorneys retain an additional 259.6 million dollars for litigation fees and administrative claims, and various holdbacks.