Binance.US to Acquire Bankrupt Voyager Digital Assets

The American Binance entity has submitted a winning bid for the bankrupt cryptocurrency firm’s assets.Author:BtcCaseyPublish date:Dec 19, 2022The American Binance entity has submitted a winning bid for the bankrupt cryptocurrency firm’s assets.According to a press release, Voyager Digital Ltd. announced that Binance.US, an American licensed entity independent of Binance international, will acquire the assets of the failed cryptocurrency firm. The deal will be worth $1.022 billion. This is because the firms want to achieve their core objective of maximising the value that is returned to customers and other creditors in a short timeframe. “Voyager Digital still has a claim against Three Arrows Capital and any claims that are made against them will be directed to the creditors of that estate. Voyager Digital began restructuring in July 2022 after they announced that they had a loan of 15,250 BTC to Three Arrows Capital and $350 million USDC. Three Arrows Capital was also bankrupt in July due to the spread of contagion from the LUNA/Terra fallout. Bitcoin Magazine PRO reported that Voyager Digital had lent $376 million to Alameda Research Fund, which is now bankrupt and owned by Sam Bankman-Fried, co-founder of FTX exchange. The asset buyout will be approved by the bankruptcy court on January 5, 2023. According to the press release, “The Binance.US bid seeks to return crypto to customers directly, in accordance to court-approved disbursements. Platform capabilities” and that $10 million will be made upfront as a good-faith deposit. Voyager can begin returning value to customers if the deal is not closed by April 2023. Tagsterms:Voyager DigitalBankruptcyBinance.us

 

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