According to recent reports, the US Court has approved Voyager’s entry into a .42 billion agreement with FTX to acquire its virtual assets.Crypto Lender Voyager Digital filed for chapter 11 bankruptcy on July 4 after halting withdrawals a few days earlier. According to the company, the Three Arrows Capital default caused liquidity issues forcing them to take this decision. FTX US, therefore, submitted a bid to acquire the company in a “highly competitive” auction process pending court approval.According to recent reports, the US Court has approved Voyager’s entry into a .42 billion agreement with FTX to acquire its virtual assets. The FTX bid included the fair market value of all of Voyager’s digital assets as of September 26, worth .31 billion in addition to a separate 1 million
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According to recent reports, the US Court has approved Voyager’s entry into a $1.42 billion agreement with FTX to acquire its virtual assets.
Crypto Lender Voyager Digital filed for chapter 11 bankruptcy on July 4 after halting withdrawals a few days earlier. According to the company, the Three Arrows Capital default caused liquidity issues forcing them to take this decision. FTX US, therefore, submitted a bid to acquire the company in a “highly competitive” auction process pending court approval.
According to recent reports, the US Court has approved Voyager’s entry into a $1.42 billion agreement with FTX to acquire its virtual assets. The FTX bid included the fair market value of all of Voyager’s digital assets as of September 26, worth $1.31 billion in addition to a separate $111 million to pay creditors. The company is now asking customers to vote on its plan.
“Voyager and its affiliated debtors believe that the sale to FTX US is in the best interest of all stakeholders and, ultimately, is the best possible – and only actionable – transaction available,” said the company. “As such, Voyager and its affiliated debtors urge you to properly and timely submit your ballot, in advance of the November 29th deadline, with a vote to accept the plan,” they added.
To receive crypto assets supported by the exchange as compensation, customers must be successfully transitioned to the FTX platform. Those who do not would receive cash from the Voyager bankruptcy estates.
“Value may be returned to customers through a mix of in-kind crypto, USDC [USD Coin], and US dollars, depending on the nature of a customer’s claims, whether and when customers transition to FTX US, and the specific coins supported on the FTX US platform,” Voyager explained.
It was earlier reported that FTX.US is offering a recovery plan that would return about 72% of customers’ funds. However, US Bankruptcy Judge Michael E. Wiles would have to approve the bankruptcy payout plan expected by mid-December.
Other than VGX, the purchase price of the Voyager cryptos by FTX would be based on a “20-day historical average at a future point in time.” This means each customer’s pro rata value would be impacted by “the price of Voyager’s cryptocurrency portfolio during the 20-day reference period, which has not yet been set.”
The crypto ecosystem has seen some notable exchanges and firms feeling the heat during the industry’s winter period, however, the likes of FTX, Finixio Ai etc keep facilitating trades and fighting against all odds.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.