Bankrupt broker Voyager will distribute $484 million to creditors
The funds are derived from agreements with other bankrupt crypto firms
11.04.2024 - 14:16
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What’s new? Bankrupt crypto broker Voyager Digital managed to recover $484 million, which can now be distributed to customers. The funds, which represent about 25% of total creditor claims, came from agreements with bankrupt crypto exchange FTX and hedge fund Three Arrows Capital (3AC).
What else is known? Voyager filed for bankruptcy in July 2022 amid market turmoil caused by the collapse of the USDT stablecoin from blockchain platform Terra. Voyager valued its liabilities in the range of $1 billion to $10 billion. Last May, a US court approved a plan to refund 35,72% of the claims to customers.
In November, the court also approved Voyager’s agreement with the Federal Trade Commission (FTC) under which the broker will pay a $1,65 billion fine. The agreement is not believed to have a material impact on the plan to reimburse creditors.
There have also been two separate FTC and Commodity Futures Trading Commission (CFTC) lawsuits against former Voyager CEO Stephen Ehrlich since last October. Both regulators allege that he misled customers about the safety of their funds. The settlement agreement does not cover these lawsuits.
Genesis submits a plan to the court to refund 100% of funds to Gemini Earn program customers
The reimbursement will be made in cryptocurrencies, which have doubled in value since the Genesis bankruptcy
It is planned that the proceeds of the agreements with FTX and 3AC will be distributed to creditors in the near future. Also, the new managers of the broker believe that additional payments will be made in the coming years as assets are sold, and further litigation is settled.
Amid the news, the native token of Voyager (VGX) momentarily jumped by 10% to $0,11, but later corrected to $0,1055.
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