Voyager Digital to Liquidate Assets
Voyager Digital is planning to self-liquidate its assets and shut down operations after failing to secure purchase deals with Binance as well as FTX.US.
The planned FTX-Voyager acquisition fell through as a result of the exchange’s sudden bankruptcy and the subsequent arrest of its CEO, Sam Bankman-Fried. However, the failure of the deal with Binance’s American arm was seen as a major setback to the digital asset industry’s efforts to establish itself in the US amid a massive crackdown by regulators.
The estimated initial recovery of Voyager’s customers was found to be 35.72%, according to a court filing on May 4th. It was also revealed that 38 “unsupported” tokens, including Tron (TRX), Solana (SOL), Algorand (ALGO), Celo (CELO), and Avalanche (AVAX), will be liquidated and returned to customers.
Those who own any of the 67 “supported” assets, such as Bitcoin (BTC) and Ether (ETH), will, on the other hand, be able to withdraw the maximum percentage of their holdings directly. The first distributions are expected to begin in the coming weeks.
Any objections to the liquidation process must be submitted to the US Bankruptcy Court for the Southern District of New York by May 15th at 4 PM EST.
(With inputs from Shikha Singh)
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