{"id":78448,"date":"2023-05-08T14:45:16","date_gmt":"2023-05-08T11:45:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78448"},"modified":"2025-09-11T05:08:40","modified_gmt":"2025-09-11T02:08:40","slug":"voyager-creditors-to-recover-36-cents-per-dollar-of-assets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/voyager-creditors-to-recover-36-cents-per-dollar-of-assets\/","title":{"rendered":"Voyager creditors to recover 36 cents per dollar of assets"},"content":{"rendered":"

Creditors in bankruptcy proceedings<\/a> Voyager Digital will be able to recover 36% of asset value. Such estimates derive fromfilings<\/a> by the crypto broker for the court.<\/p>\n

That figure is actually roughly half of the 72\u201373% anticipated under the deal with FTX<\/a> or Binance.US<\/a>. On 25 April 2023, the latter withdrew its filing<\/a>, citing a ‘hostile and uncertain regulatory climate in the United States’.<\/p>\n

On 4 May Voyager Digital announced that it was preparing for liquidation and payments to creditors<\/a> ‘within a few weeks’. Payments are planned in fiat and digital assets.<\/p>\n

The court filing indicates that the recovery rate could rise from 36% should Alameda Research fail to recover $445 million from the broker’s assets<\/a>.<\/p>\n

Voyager’s lawyers have also reserved $259.6 million for legal costs, administrative claims and other holdbacks.<\/p>\n

The move to liquidation is provided for in the court-approved bankruptcy restructuring plan. The parties will have ten days to object to the filing after its submission.<\/p>\n

In December 2022, Binance.US offered the highest price for Voyager’s assets \u2014 $1.02 billion.<\/p>\n

Yet regulators, including the U.S. Securities and Exchange Commission (SEC) and New York State Department of Financial Services (NYDFS), opposed<\/a> the deal.<\/p>\n

During the hearings on the case, SEC representatives said that Binance’s U.S. unit runs an unregistered securities exchange. The U.S. Department of Justice also opposed.<\/p>\n

U.S. Attorney Damian Williams noted that the agreement between the companies effectively rehabilitates Voyager and its employees after violations of the Securities Act.<\/p>\n

On 17 March 2023, the U.S. Department of Justice filed for an emergency freeze on the deal. Three days later, Voyager Digital challenged the motion, but a day later the agency filed a counter-appeal. On 28 March, the court halted the asset sale. On 19 April, authorities agreed with the creditors’ committee’s arguments, withdrawing their objections, withdrew their objections<\/a>.<\/p>\n

In March, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO Changpeng Zhao. The regulator alleged the crypto exchange engaged in willful evasion of U.S. securities laws and non-compliance with rules.<\/p>\n

In response Zhao said the CFTC’s allegations contain ‘an incomplete account of the facts’, and his company does not agree with many of its points.<\/p>\n","protected":false},"excerpt":{"rendered":"

Creditors of Voyager Digital, in bankruptcy proceedings, can expect to recover 36 percent of asset value. Such estimates derive from the broker’s filing with the court.<\/p>\n","protected":false},"author":1,"featured_media":78449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1546],"class_list":["post-78448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-voyager"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78448"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78448\/revisions"}],"predecessor-version":[{"id":78450,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78448\/revisions\/78450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78449"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}