• Voyager Digital has secured approval for its liquidation procedures from a US bankruptcy judge.
• Affected users will receive 35% of their crypto deposits by June 1, 2023.
• Binance.US backed out of an $1 billion deal to acquire the assets of Voyager Digital due to regulatory uncertainties in the US.
Voyager Digital Approved for Liquidation Procedures
Voyager Official Committee of Unsecured Creditors (UCC) has announced that a US bankruptcy judge has approved the firm’s liquidation procedures, allowing affected users to receive 35% of their crypto deposits on the platform before June 1, 2023.
Binance Acquisition Deal Falls Through
In April, Binance.US, the United States-based subsidiary of the world’s largest crypto exchange, pulled out of a $1 billion deal to acquire the assets of Voyager Digital due to regulatory uncertainties in the country. This move has further complicated matters for Voyager and made it difficult for them to fulfil their promise to make creditors whole again.
Mixed Reactions From Affected Users
The announcement regarding reimbursements have attracted mixed reactions on social media from affected users who have already expressed their dissatisfaction over this debacle. At present, Voyager’s native VGX token is exchanging hands at a price point of $0.151963 with a 24 hour change rate of 1%.
Voyager’s Troubling Past
The collapse of 3AC as well as market turmoil that followed in 2022 caused numerous crypto businesses including Voyager Digital to go bankrupt and left many investors high and dry with no way out or recourse available for them. The firm ceased operations earlier this year when it filed for bankruptcy protection against creditors who were demanding repayment in full from the company’s remaining funds worth approximately $725 million USDT equivalent tokens held in various wallets owned by Voyager itself and its parent company 3AC Capital Partners LLC..
Conclusion
In conclusion, despite the partial return plan proposed by UCC which would help some customers recover part of their losses initially invested into Voyager, much still needs to be done by both government regulatory bodies and private companies like Binance if full justice is ever going to be served up to those affected by this unfortunate incident which saw an entire industry suffer heavily due its fallout