Voyager creditors could start receiving funds in the 'coming weeks'

Voyager creditors could start receiving funds in the 'coming weeks'

The bankrupt cryptocurrency broker is in the final stages of the liquidation process after Binance canceled its acquisition deal last week.

Los acreedores de Voyager podrían comenzar a recibir fondos en las 'próximas semanas'

Funds locked up in the platform of bankrupt cryptocurrency broker Voyager Digital could begin to return to creditors in “the next few weeks,” according to a committee of Voyager creditors.

And Tweet Voyager’s Official Committee of Unsecured Creditors (UCC) on May 4 said that The defunct cryptocurrency company is in the final stages of bankruptcy liquidation proceedings. The UCC is “hopeful” that “initial distributions will begin in the next few weeks.”

4/ Voyager is also finalizing everything internally that is necessary to make distributions to creditors. We are hopeful that initial distributions will begin within the next few weeks.

— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) May 4, 2023

UCC update It comes 10 days after Binance.US backed out of its initial agreement to buy $1.02 billion in Voyager assets, with the exchange blaming to the “hostile and uncertain regulatory climate in the United States” as the reason for leaving the deal.

  • New White House standards strategy could have implications for cryptocurrency KYC

Fortunately, he plan Voyager’s restructuring plan includes a “switch option” that allows the firm to seek self-liquidation following Binance.US’s decision to withdraw from the deal. This allows the failing broker to distribute cash and cryptocurrency to clients directly through the Voyager platform.

The UCC was dismayed by the move by Binance.US, stating that would investigate potential lawsuits against the cryptocurrency exchange for its last-minute change of heart.

1/ Around 2 hours ago, purported to terminate the asset purchase agreement with Voyager. The Committee is incredibly disappointed with this decision and is investigating potential claims against

— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) April 25, 2023

It should be noted that Voyager must now file liquidation proceedings with the US Bankruptcy Court for the Southern District of New York. According to the committee, the parties have 10 days to present any objection to the liquidation proceedings.

See also  National Cheerleading Championship will be held in Ambato

The UCC explained that if no objections are filed within the next 10 days, “Voyager will make the plan ‘effective’.” However, if an objection is filed, the court will hold a hearing to consider it before the settlement plan can be carried out.

  • Binance CEO Denies $28 Billion Fortune: “I Don’t Have Nearly That Much”

An overwhelming majority, 97%, of the 61,300 Voyager customers who voted on the court’s restructuring plan voted in favor, although at the time voters believed that Binance.US would acquire the stranded assets.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

  • New White House standards strategy could have implications for cryptocurrency KYC
  • Binance CEO Denies $28 Billion Fortune: “I Don’t Have Nearly That Much”
  • According to a report, the Winklevoss twins have provided a $100 million personal loan to Gemini
  • Securities Regulator Cancels Binance Australia Derivatives License
  • Crypto-friendly bank ends loans backed by cryptocurrency mining equipment
  • Public bitcoin mining companies file $4 billion in collective debt
  • Coinbase Stock Price Soars 7.9%: Q1 Results Beat Expectations

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.

See also  Letters from readers: the market

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

On Key

Related Posts