Friday, September 22, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News Binance

Voyager-Binance Deal: Customers To Recover 51% Of Pre-Bankruptcy Crypto Assets

news by news
January 11, 2023
in Binance, News, United States, Voyager Digital
0
Voyager-Binance Deal: Customers To Recover 51% Of Pre-Bankruptcy Crypto Assets
0
SHARES
50
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Bitcoin Price Prediction As Correlation With US Dollar Index Hits Zero, Bullish or Bearish?

Just-In: Vitalik Buterin Moves More ETH, Price Drops Below $1600

Voyager-Binance Deal: Customers To Recover 51% Pre-Bankruptcy Crypto Assets

Beleaguered crypto lender Voyager Digital received initial court approval to sell its assets to crypto exchange Binance.US for $1.02 billion. If the sale is approved by creditors, customers will recover 51% of crypto assets held before the bankruptcy filing. Moreover, the national security review of the deal is likely to be completed soon.

Voyager Digital Receives Court Approval

Judge Michael Wiles of the United States Bankruptcy Court for the Southern District of New York approved the asset purchase agreement deal between Voyager and Binance.US, reported Reuters on January 11.

However, the deal is not final until the creditors approve the sale and a final court hearing in the future. Meanwhile, Voyager seeks to expedite the national security review of the deal that could decide whether the deal can actually proceed.

During Tuesday’s court hearing, Voyager attorney Joshua Sussberg noted that Voyager is actively responding to national security concerns raised by the U.S. Committee on Foreign Investment in the United States (CFIUS). Voyager will address any issues that would lead CFIUS to oppose the deal with Binance.US, said Sussberg.

“We are coordinating with Binance and their attorneys to not only deal with that inquiry, but to voluntarily submit an application to move this process along.”

As part of the deal, Voyager will receive a $20 million cash payment and transfer customers to Binance.US’s crypto exchange. Thus, it will allow customers to withdraw their crypto assets from the platform for the first time after bankruptcy.

Voyager estimates that the deal with Binance.US will allow customers to recover 51% of their deposits at the time of Voyager’s bankruptcy filing. However, if CFIUS blocks the deal, customers will receive less payout.

Meanwhile, the Voyager Official Committee of Unsecured Creditors took to Twitter to approve the deal, noting greater recoveries for creditors than a self-liquidation.

Voyager Failed Deal With FTX

In October last year, Voyager received court approval to sell its assets to FTX for $1.42 billion. The deal would have enabled customers to recover 72% crypto assets they held before the bankruptcy filing. However, the deal was canceled due to the collapse of FTX.

The recent deal with Binance.US is less profitable for Voyager and its customers, but it could be the only best option for them currently.

Also Read: DCG Lashes Out At Cameron Winklevoss, Claims No Relationship with 3AC

The post Voyager-Binance Deal: Customers To Recover 51% Of Pre-Bankruptcy Crypto Assets appeared first on CoinGape.

Related Posts

24/7 Cryptocurrency News

Bitcoin Price Prediction As Correlation With US Dollar Index Hits Zero, Bullish or Bearish?

September 22, 2023
24/7 Cryptocurrency News

Just-In: Vitalik Buterin Moves More ETH, Price Drops Below $1600

September 22, 2023
24/7 Cryptocurrency News

Terra Luna Classic (LUNC) Skyrockets 10% Suddenly, Here’s Why

September 22, 2023
24/7 Cryptocurrency News

Why SEC Wants an Interlocutory Appeal in XRP Lawsuit? What’s at Stake?

September 22, 2023
24/7 Cryptocurrency News

Ripple CLO Alderoty, XRP Lawyer Deaton Accuse US SEC And Gensler

September 22, 2023
24/7 Cryptocurrency News

XRP Lawyer Deaton Reveals Hints About Big Announcement This Week

September 22, 2023
Next Post
CBDC In India: IMF Executive Subramaniam Highlights Importance Of Digital Currency

CBDC In India: IMF Executive Subramaniam Highlights Importance Of Digital Currency

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Crypto Market Update: How Japan Monetary Policy Will Impact Bitcoin, Ethereum Price

Crypto Market Update: How Japan Monetary Policy Will Impact Bitcoin, Ethereum Price

December 20, 2022

Breaking: Ripple Seeks Approval Of Licenses In UK And Ireland After XRP Win Against SEC

July 21, 2023
Five On-Chain Metrics That Prove Bitcoin’s Cycle Bottom Has Been Reached

Five On-Chain Metrics That Prove Bitcoin’s Cycle Bottom Has Been Reached

February 20, 2023
Is BinanceUS Next FTX? Why SEC Is After Crypto Exchange Binance?

Is BinanceUS Next FTX? Why SEC Is After Crypto Exchange Binance?

April 12, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In