Voyager Digital Can Pay back Customers with USD 270M MCB Holdings, Judge Rules

Source: Adobe/Игорь Головнёв


The troubled crypto platform Voyager Digital continues to be because of the eco-friendly light to come back USD 270m price of funds to the customers.

The move was authorized by the Personal bankruptcy Court in New You are able to in which the company’s situation has been heard, the Wall Street Journal reported.

The presiding judge, Michael Wiles, was quoted as proclaiming that Voyager had provided “sufficient basis” to assist its claims that buyers ought to be permitted to utilize the funds the organization holds inside a custodial fiat account in the Metropolitan Commercial Bank (MCB).

Bigger question marks still remain within the company’s cryptoasset holdings, however. Voyager’s personal bankruptcy filings reveal that the organization has over 100,000 creditors. As reported, the organization claims it’s over USD 110m of money and crypto on hands, additionally to greater than USD 350m of money locked in the For Advantage of Customers account at MCB. Voyager also stated it’s roughly USD 1.3bn of cryptoassets on its platform, plus claims against Three Arrows Capital (3AC) in excess of USD 650m. As reported, Voyager issued a notice of default to 3AC to fail to help make the needed payments on its formerly disclosed loan of BTC 15,250 and USDC 350m. 

As the news of the payout in the MCB fund is going to be thanks for visiting unhappy Voyager customers, a legal court continues to be yet to rule around the fate from the funds still frozen around the Voyager platform.

Per Bloomberg, a lawyer representing Voyager also told a legal court the loan provider had already received “multiple bids because of its assets more than an early on offer” in the crypto exchange FTX and Alameda Research. The second is really a quantitative crypto buying and selling firm which was founded through the FTX Chief executive officer Samuel Bankman-Fried.

The lawyer, Joshua Sussberg from the legal firm Kirkland &amp Ellis, claimed that FTX’s bid to purchase Voyager’s crypto holdings for money at market price – whilst offering Voyager customers the choice to get their claims as long as they open FTX wallets – have been rejected by Voyager.

The FTX offer was ignored a week ago like a “low-ball liquidation bid outfitted as a white-colored dark night save,” with Sussberg telling a legal court proclaiming that “of the offers received by Voyager to date,” it was “actually the lowest” to possess been tabled.

While Sussberg declined to provide further information on the rival bids, the attorney did declare that these offers would let customers recover even more than USD .30 for every dollar they’d invested with Voyager.
Find out more: 
Terra’s Collapse Is really a Hard Lesson for Sloppy Crypto VCs and Naive Retail Investors 
Government Physiques Blast Voyager’s ‘False and Misleading Statements’ On Deposit Insurance

5 Risks to understand Before Using Centralized Crypto Lending Platforms

Anger, Worry, and Doubt – Celsius Customers ‘Pray’ for that Return of the Crypto
NY Attorney General’s Office Asks Crypto Whistleblowers to supply It with Tip-offs

Latest stories

You might also like...