Voyager Digital Bankruptcy: What Happens Now?
Voyager Digital is one of the biggest crypto companies that went bankrupt last year. This company is estimated to have lost about $3.8 billion in client crypto, but clients are scheduled to get some of this back. The company was not able to return the complete amount, but they have decided to return 35.72% of the value, which is an estimate and may be subject to change. In this article, we will discuss what happens now and how it will impact the clients.
Heading 1: Voyager gives customers 35% of their money back
The Voyager Official Committee of Unsecured Creditors recently tweeted that the judge approved the liquidation procedure for Voyager. The company can begin selling and eventually distributing assets as early as this Friday. According to information provided by bankruptcy law firm Stretto, as a client, you can recover 35.72% of the value you had on the platform. This value may vary, and the final amount can still change depending on what happens. The company hopes to get money back from FTX, Alameda and Three Arrows Capital (3AC), which is not included in the percentage now mentioned.
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Outline:
– The judge approved the liquidation procedure for Voyager
– The company can begin selling and distributing assets
– As a client, you can recover 35.72% of the value you had on the platform
– The final amount can still change
– The company hopes to get the money back from different entities
Heading 2: Voyager bankruptcy is taking a long time
The bankruptcy procedure has been taking a long time, and a lot is still unclear. The percentage mentioned is a lot lower than what it mentioned in March, when the hope was to be able to return 73%. It will probably be lower because the deal with the American branch of Binance is no longer going through, and the cause of this would have been regulation. The problems have been going on for some time. In July of 2022, the company filed for bankruptcy after two massive customer withdrawals. It suffered from the problems at Three Arrows Capital, the investment fund that had also gone bankrupt just before.
Outline:
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– The bankruptcy procedure is taking a long time
– The percentage mentioned is lower compared to what was mentioned in March
– The deal with the American branch of Binance is no longer going through
– The cause of this was regulation
– The company filed for bankruptcy in July of 2022
– Voyager suffered from the problems at Three Arrows Capital
Heading 3: How will clients get their money back?
Clients can get the value back in the form of cash, but also in cryptocurrencies. However, they cannot get back certain coins, the value of which they get back in the form of USD Coin (USDC). They will also get back the value of Voyager’s own token VGX via USDC.
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Outline:
– Clients can get the value back in cash or cryptocurrencies
– Certain coins cannot be returned
– The value of those coins will be given in USDC
– Clients will get back the value of VGX via USDC
Heading 4: Conclusion
Voyager Digital has gone through a challenging time, and the bankruptcy procedure has taken a long time. The clients will now get back 35.72% of the value they had on the platform. The final amount may still change, depending on what happens. The company hopes to get some money back from different entities. Clients can get the value back in cash or cryptocurrencies, except for certain coins which will be given in USDC.
Outline:
– Voyager has gone through a challenging time
– Clients will get back 35.72% of the value they had
– The final amount may change
– The company hopes to get money back from different entities
– Clients can get the value back in cash or cryptocurrencies except for certain coins which will be given in USDC