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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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Get real-time crypto updates by following us on Twitter



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