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☕️Crypto Daily by Bitcompare

Hey, welcome! Today, we will look at Voyager’s planned move to return $270M to its customers and how it says that they have received higher bids than that offered by FTX.

Let’s go 🚀

Struggling crypto lender Voyager Digital has been approved to pay out $270M in cash deposits to its customers from their account in Metropolitan Commercial Bank (MCB), frozen until now. Here is a rundown of events:

  • The US bankruptcy court in New York, led by Judge Michael Wiles, presided over Voyager’s case and directed the company to return its customers’ funds held in their custodial account in MCB.
  • After an unexpected downturn in market conditions which led to their collapse, Voyager Digital, in early July, entered the Chapter 11 bankruptcy proceedings after stopping withdrawal.
  • Following this, they attempted to authorize customers’ withdrawals using the funds stashed in the Metropolitan Commercial Bank, which were frozen when the bankruptcy proceedings began. This court ruling will finally allow the company to disburse $270 million to its affected customers.
  • Also, Voyager has stated that they have received far better buyout offers than that proposed by FTX/Alameda Research in July. Theirs was initially one of the highest bids.
  • Alameda offered to buy all Voyager’s assets and outstanding loans except the defaulted loan to Three Arrows Capital, liquidate the assets, and then share the funds in USD.
  • This offer was later rejected by Voyager on July 25th on the basis that it wasn’t offering enough value for its customers.
  • Voyager has also said that they are in active talks with more than 20 parties who are interested and eager to draw them out of their financial woes.

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In other news:

Instagram expands NFT platforms to 100 countries. Instagram has made NFTs which they refer to as “digital collectibles,” available in 100 countries. They believe it will facilitate more artistic monetization and connection.

Thai SEC has gone on to approve four firms despite Zipmex woes. Singapore exchange Zipmex which also operates in Thailand, has recently suspended withdrawals. Despite the turbulence, Thailand’s financial regulator, the Securities and Exchange Commission (SEC), approved 4 crypto firms and granted them operating licenses on August 4.

Avalanche (AVAX) price steadies above $22 and might reach $26. AVAX price took a big hit during the crypto winter. However, it appears to have maintained the $22 price zone for a while. Predictions show that it might regain its bullish strength if the token’s price manages to push above the $25 price zone.

Bitcoin and Ethereum are trying to stabilize as FLOW rallies. Bitcoin price has slowly increased since it overcame the USD 22500 and 23000 levels, but it faces strong resistance to the USD 23500 level. On the other hand, the Ethereum price has remained at USD 1650 support and might face resistance at the USD 1660 level.

Ethereum Classic’s (ETC) Merge Surge is not expected to last. The price of ETC has rallied since Ethereum developers stated the date for the Merge. The “Merge” is the blockchain’s migration from a Proof-of-Work consensus protocol to Proof-of-Stake.

Solana-hacked crypto could be claimed as a tax loss. Following claims that lost digital assets could be considered a tax loss in certain jurisdictions, affected users could get a much-needed consolation.

Crypto fundraising in the first half of 2022 has already outperformed 2021 stats. It has been reported that more than $30 billion was raised in the first half of 2022 from 1199 funding rounds.

Get real-time crypto updates by following us on Twitter

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