A few issues that we inherited from the crypto mayhem of 2022 are now being resolved . Some of the major crypto firms from the recent bull run are now defunct . Voyager was one such ship . The judge finally granted permission a few hours earlier . What’s going to happen ? Why is June 1st so crucial ?
Approval of Voyager’s Liquidation Deal Might Mean People Start Getting Their Money Back
The liquidation plan for Voyager was authorized on May 17 by the United States Bankruptcy Court for the Southern District of New York . The plan was approved by an order granted by Judge Michael Wiles the day before . An official announcement on Twitter supports this development . Creditors will begin receiving payments on June 1 . In June we could hear rumors that Voyager receivables are selling for less than they’re worth since part of the receivables will be repaid in cryptocurrency .
After Binance USA backed out of its $1 billion deal to acquire Voyager assets on April 25, the most recent bankruptcy plan was announced on May 5 . In the end the United States did all it could to block Binance’s acquisition of the domestic firm. Binance had to back out due to the pressure from the regulators.
So How Much Money Will Voyager Give Back?
The Voyager app’s website now informs users that they may expect to get 35.72% of their original request in cryptocurrency or 30 days later in cash . Voyager reported $1.33 billion in assets in its most recent financial statement (dated May 8) . If FTX/Alameda Research’s request for preferred recovery is denied creditors may be able to collect more than they were expecting at first .
Investors would get more than 35.72% of their assets if the Binance deal happened .
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