Voyager Creditors to See Funds in the Next Few Weeks
According to recent news, Binance left an asset deal with a bankrupt crypto brokerage last week. Now the bankrupt cryptocurrency brokerage is in the process of being liquidated.
According to the Voyager creditors Committee, the funds have been left on the bankrupt crypto broker Voyager Digital platform. These funds will return to the creditors in the next few weeks.
Key Takeaways:
- After the cancellation of the deal by Binance US, Voyager enters the last phase of the liquidation process.
- In the next few weeks, the left funds in the Voyager digital platform may return to the Voyager creditors.
- The toggle option enables Voyager to follow self-liquidation.
- Voyager will implement the liquidation process if the parties don’t file any objections in the next 10 days.
- 97% out of 61300 voters cast a vote in favor of the restructuring plan of the court.
Voyager Official Committee Unsecured Creditors UCC tweeted on 4 May. According to the committee, the now-defunct Crypto Company is in the final phase of bankruptcy liquidation. The UCC hopes to start the initial distributions within the next few weeks.
Voyager Creditors To See Funds
Binance US canceled the contract with the crypto exchange of purchasing $1.02 billion of Voyagers’ assets. The update of UCC comes after 10 days of this contract cancellation. The reason behind this cancellation is the ambiguous and unfavorable regulatory environment in the US.
Luckily the toggle option involves the restructuring strategy of Voyager. After the cancellation of the deal by Binance US, this option enables Voyager to follow self-liquidation.
Furthermore, this option enables bankrupt brokers to provide customers immediate access to cash and cryptocurrency through the Voyager platform.
The move of Binance US shocked the UCC. It highlights that it will look into the possible legal claims against cryptocurrency exchange for its last-minute mind change.
Notably, For New York Southern District, the Voyager must file the liquidation paperwork against the United States Bankruptcy Court. As stated by the committee, to raise any concerns with the process of liquidation, the parties have only 10 days.
According to UCC, Voyager will implement the plan if the parties don’t file any objections in the next 10 days. However, before implementing the liquidation process, the court will hold a hearing to hear any objections filed.
Even though voters believed at the time of voting that Binance US would buy the standard assets. 97 percent of the 61,300 Voyager users cast a vote in favor of the restructuring plan of the court.
Crypto Influencers Left Stunned by This News – Here’s Their Reaction
Squid Heroes took to Twitter and made an announcement that Voyager is moving toward the final stage of the self-liquidation process Due to the last-minute cancellation of the deal of $1 billion by Binance US.
JackOfAllTechs took to Twitter and made an announcement that last week after the abandonment of Binance US from its deal, the bankrupt crypto brokerage entered the final phase of the liquidation process.
Crypto NewsMaker took to Twitter and made an announcement that creditors of Voyager could start seeing funds in the next few weeks. These funds are left in the platform of bankrupt crypto broker Voyager Digital.
After the cancellation of the deal by Binance.US, the bankrupt cryptocurrency brokerage Voyager undergoes the last phase of the liquidation process. The reason behind the deal’s cancellation is an ambiguous and unfavorable cryptocurrency environment in the United States.
Do You Know?
- Voyager Digital was founded in 2018 by a group of finance and technology veterans, including Oscar Salazar, who co-founded Uber.
- Voyager Digital’s platform allows users to trade over 60 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, with no fees or commissions.
- In 2021, Voyager Digital acquired the cryptocurrency wallet and custody company, Ethos.io, for $4 million, adding to its suite of cryptocurrency services.
- Voyager Digital’s proprietary smart order router technology allows users to find the best prices for their trades across multiple exchanges, which can save them money and maximize their returns.
Crux
Now it is the basic right of Voyager to file a case against Binance US. The court would hold a hearing if the parties filed no objection in the next 10 days. 97% of the Voyagers users favor the restructuring plan of the court.