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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Voyager Digital Customers Left High And Dry With Only 35% Crypto Deposit Recovery

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
Voyager

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According to a Reuters report, Crypto lender Voyager Digital’s efforts to reorganize under Chapter 11 have ended, with a U.S. Bankruptcy Judge approving their proposed liquidation plan. 

The company filed for bankruptcy protection last July due to volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital, which will return customers about $1.33 billion in crypto assets. However, customers will only recover about 35% of their cryptocurrency deposits as the company winds down its operations after a failed buyout attempt by crypto exchange Binance.US.

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Voyager Leaves Customers With Only Fraction Of Deposits

Voyager’s bankruptcy case was complicated by two failed sale attempts during the bankruptcy process. The company initially sought to sell its assets for $1.42 billion to FTX, a deal that failed when FTX imploded in November. Binance.US signed a $1.3 billion offer but called off the deal on April 25, citing a “hostile and uncertain regulatory climate.”

Per the report, Voyager customers’ recovery hopes are now heavily dependent on the outcome of litigation with FTX, which is seeking to claw back $445 million in loan repayments made to Voyager before FTX collapsed into bankruptcy.

However, If Voyager fully prevails in the FTX litigation, customers’ expected recovery would be 63.74%, according to Voyager’s court filings.

Voyager intends to repay customers with the same type of cryptocurrency that they had in their accounts. However, for deposits held in unsupported cryptocurrencies that cannot be withdrawn from Voyager’s platform and for Voyager’s proprietary VGX token, Voyager will instead repay customers using the Circle’s stablecoin USDC.

Voyager was one of several crypto lenders to file for bankruptcy in 2022 after a boom in the COVID-19 pandemic. Other companies that filed for bankruptcy include Celsius Network, BlockFi, and Genesis Global Capital. 

Did the SEC Play A Role in Binance.US’s Failed Acquisition?

There are speculations that the Securities and Exchange Commission (SEC) may have had a hand in Binance.US’s failed $1.3 billion acquisition of crypto lender Voyager Digital. The buyout was called off in April, with Binance.US citing a “hostile and uncertain regulatory climate.” However, some industry experts believe the SEC’s increased scrutiny of the crypto industry may have played a role in the failed acquisition.

The Securities and Exchange Commission has been ramping its efforts to regulate the cryptocurrency industry. As a result, firms like Coinbase have been exploring ways to expand their operations to other jurisdictions. 

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France, in particular, has been welcoming these firms due to the regulatory uncertainty in the United States. Market experts and even senators have criticized this approach by the regulatory agency, who argue that a clear rulebook is needed to promote innovation and diversify investment opportunities for American clients of crypto firms. A clear regulatory framework will benefit not only the industry but also the country as a whole.

Voyager
BTC’s sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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