Voyager was allowed to return frozen customer funds
Users will receive about 36% of repayments, while the amount may increase if the broker reaches an agreement with FTX
18.05.2023 - 08:25
428
3 min
0
What’s new? Bankrupt crypto broker Voyager Digital received court approval to wind down its operations and begin repaying customers a portion of their cryptocurrencies that have been stored on the platform since it stopped operations in July 2022. Judge Michael Wiles approved Voyager’s liquidation on May 17, less than a month after the Binance.US exchange turned down a $1 billion purchase of the broker’s assets. Customers will receive 35,72% of the amount owed, with the payout likely to increase if Voyager reaches a settlement with the bankrupt crypto exchange FTX, according to court documents.
What else is known? The judge explained that Voyager is on the path of termination of business because it does not have enough money to fully repay users. Options that could have increased the amount of funds available for reimbursement, namely selling to the FTX or Binance.US exchanges, did not work. He added that customers were unhappy with the liquidation and the fact that they would only get back a percentage of their crypto assets.
Investors lost $46 billion due to the bankruptcy of crypto companies
Analysts highlighted a number of shocks that led to the crisis in the digital asset market
According to a May 5 court filing, Voyager’s customer claims total $1,8 billion, with only $630 million in assets held by the broker. Users have the option of receiving repayments in cryptocurrencies or fiat. As recently as last year, customers began selling claims on Voyager at a discount of up to 60%, fearing lengthy litigation that would not guarantee a refund of a similar amount.
Late last September, FTX won the auction for the sale of Voyager’s assets with a bid of $1,42 billion, but less than two months later went bankrupt itself. As part of its bankruptcy proceedings, new management demanded that Voyager pay back $446 million. That amount was borrowed from the broker by hedge fund Alameda Research as part of the FTX Group and paid in full on the eve of the group’s collapse. In March, the broker agreed to reserve that amount, andthe court approved the parties’ agreement.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 542
BTC
+1.13%
-
Ethereum
$3 356.34
ETH
+7.17%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.4
XRP
+23.86%
-
Dogecoin
$0.388447
DOGE
+1.62%
-
Cardano
$0.85812
ADA
+10.28%
-
Bitcoin Cash
$488.28
BCH
-5.11%
-
Polkadot
$6.06
DOT
+7.66%
-
Stellar XLM
$0.282605
XLM
+16.24%
-
Litecoin
$90.49
LTC
+1.21%