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The U.S. Bankruptcy Court for the Southern District of New York greenlit the insolvency plan of cryptocurrency facilitator, Voyager. The court's official endorsement, championed by Judge Michael Wiles, became available to the public on the preceding day.
This decision was reached following the unexpected withdrawal of Binance.US from a transaction to procure Voyager assets valued at $1 billion. This abrupt change of course by Binance.US occurred on April 25, having initially overcome government hurdles. Voyager is now slated to disperse its remaining assets to all creditors.
Before the Binance.US negotiation, FTX US had been declared the successful bidder in an auction for Voyager's assets, proposing a formidable $1.4 billion. Regrettably, this sale did not proceed due to FTX's subsequent downfall. This would have permitted creditors to retrieve 71.9% of their account values. FTX later initiated a lawsuit against Voyager, alleging a clawback of loan payments made in 2022 worth $445.7 million, claiming they happened just before FTX's financial collapse.
As communicated via their online platform, Voyager has assured clients that they should anticipate an initial payback of 36% of their respective claims. The payment methods include cryptocurrency through the Voyager application or cash within 30 days. Based on Voyager's records, they held assets worth $1.34 billion as of May 8, from which an initial recovery sum of $628.7 million can be drawn against the total claims of $1.8 billion.
The initial recovery for creditors could increase, contingent on the success or failure of FTX/Alameda Research's appeal for preferential recovery. Voyager has earmarked $445 million to address this specific claim. Furthermore, Voyager retains the potential to recuperate assets from the bankrupt entity, Three Arrows Capital. In late June, Voyager had flagged a default notice to Three Arrows regarding a loan constituted of 15,250 Bitcoin (BTC) and 350 million USDC. These assets, previously valued at approximately $654.9 million, have appreciated to approximately $769.1 million at the time of reporting.
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