Voyager Digital has announced the recovery of $484.35 million from settlements with FTX, Three Arrows Capital (3AC), and Directors and Officers (D&O) insurance. The announcement was part of a status update submitted to the United States Bankruptcy Court for the Southern District of New York, outlining the efforts to recover and allocate assets to creditors...Read More
Investors claim the deal led to total losses of around $4.2 billion when the company collapsed during the crypto contagions of 2022. The lawsuit alleges the NBA was “grossly negligent” in agreeing to a marketing deal between Voyager and Mark Cuban’s Dallas Mavericks. Moreover, several NBA teams had deals to promote crypto companies like Voyager...Read More
The United States Commodity Futures Trading Commission (CFTC) filed a complaint against former CEO of Voyager Digital, Stephen Ehrlich, alleging that the ex-chief committed fraud and failed to register the bankrupt crypto lender with the agency. In a related development, another US regulatory body, the Federal Trade Commission (FTC), announced that it reached a settlement...Read More
Cryptocurrency company Voyager has reportedly transferred a significant portion of its holdings to Coinbase as part of its bankruptcy proceedings. The transferred assets include 1,500 $ETH, valued at approximately $2.77 million, and 250 billion $SHIB, worth around $2.7 million, bringing the total to approximately $5.5 million. Overall, $81.63 million worth of cryptocurrency has been identified...Read More
Bankrupt crypto lender – Voyager – is slowly working towards making customers whole. Voyager held nearly $413 million in multiple crypto-assets at one point. However, since enabling withdrawals to users on June 23rd, it has recorded a steady stream of outflow totaling $250 million worth of crypto assets. As a result, Voyager’s crypto portfolio has...Read More
Creditors of bankrupt crypto lending platform Voyager Digital will pay more than $5 million for the third interim fee period, which ended in mid-May. In total, McDermott Will & Emery has charged the Voyager creditors’ group roughly $16.5 million for its services for less than a year. Legal Expenses McDermott Will & Emery, the law...Read More
In a major relief for the customers impacted by the Voyager bankruptcy, crypto exchange Gemini has announced the enabling of withdrawals. The crypto transfer window will end on July 23, 2023. In a recent blog post, Gemini confirmed allowing withdrawals for victims of the Voyager bankruptcy case while simultaneously offering a promotional welcome to all...Read More
In a respite to Voyager Digital customers, the cryptocurrency brokerage is reportedly gearing up to reopen its app, which will enable the withdrawal of their funds. The development comes almost a year after it filed for Chapter 11 bankruptcy. According to a court filing on June 14th, Voyager’s bankruptcy plan administrator, Paul Hage, stated that...Read More
Bankrupt crypto lending platform Voyager Digital won court approval on Wednesday to begin repaying its customers’ long-trapped money. So far, customers are only guaranteed to receive 36% of what they’re owed. The approval to commence liquidation procedures comes over 10 months after Voyageur froze customer withdrawals in July 2022, shortly after defunct hedge fund Three...Read More
Voyager Digital is planning to self-liquidate its assets and shut down operations after failing to secure purchase deals with Binance as well as FTX.US. The planned FTX-Voyager acquisition failed as a result of the exchange sliding into an abrupt bankruptcy and the subsequent arrest of its chief, Sam Bankman-Fried. However, the collapse of the deal...Read More
Binance.US has stopped a deal that would have allowed it to purchase assets of the bankrupt cryptocurrency lender, Voyager. The termination marks the second time a deal to acquire Voyager’s assets has failed to reach completion. The $1B Deal Falls Through Voyager revealed that Binance.US served the struggling crypto lender a letter on April 25,...Read More
On March 27, a federal judge temporarily halted bankrupt crypto lender Voyager Digital from completing a proposed $1.3 billion sale to Binance.US. The U.S. government had requested more time to explore the legality of the proposed takeover, prompting the response from judge Jennifer Rearden. According to reports, the U.S. Attorney’s Office for the Southern District...Read More
New York Judge Michael Wiles of the District Court of the Southern District of New York has denied the U.S. Department of Justice’s (DOJ) appeal to stay the $1 billion asset-sale plan between bankrupt crypto broker Voyager Digital and Binance.US. During a Wednesday hearing on the DOJ’s motion to halt the order pending appeal, Judge...Read More
The United States Department of Justice (DOJ) has filed a memorandum of support to have the $1 billion asset-sale deal between bankrupt crypto broker Voyager Digital and Binance.US put on hold until an appeal motion is handled. U.S. attorney for the Southern District of New York Damian Williams and U.S. trustee William K. Harrington, alongside...Read More
The United States Department of Justice (DOJ) has filed an appeal to review a New York judge’s decision to approve the sale of bankrupt crypto lender Voyager’s assets to the American affiliate of crypto exchange Binance in a $1 billion deal. According to a court document, the appeal was filed Thursday evening at the United...Read More
The SEC has been the driving force behind a recent spree of investigations into the crypto industry and a push for hard-hitting regulation to prevent further meltdowns. Although the Commission’s caution is definitely warranted, certain entities believe that the U.S. regulator is casting far too wide of a dragnet – including, in this case, a...Read More
U.S. Bankruptcy Judge Michael Wiles made the comments at a court hearing in New York on March 2. The Voyager Digital restructuring plan would involve the sale of just over $1 billion worth of its assets to Binance.US. However, the SEC has opposed the deal claiming that it violates securities laws. When questioned about the...Read More
Ever since Voyager Digital went bankrupt in July of 2022, the company has explored various ways of getting back on its feet. First, there was a deal with FTX, which won the bid for its assets shortly before imploding, nullifying that agreement. The FTX Group would, in fact, go on to sue Voyager over a...Read More
The United States Securities and Exchange Commission (SEC) has filed a motion objecting to the sale of Voyager Digital’s assets to crypto exchange Binance.US in a $1 billion deal. According to a Wednesday filing submitted at the United States Bankruptcy Court for the Southern District of New York, the SEC alleges that the transaction would...Read More
Sam Bankman-Fried (SBF), the founder and former CEO of the now-defunct cryptocurrency exchange FTX, is resisting an order to testify at the bankruptcy hearing of crypto broker Voyager Digital. On Tuesday, SBF’s attorneys asked a federal judge to quash the order because it was not served properly, Bloomberg reported Wednesday. SBF Fights Voyager’s Subpoena Recall...Read More
After the FTX Group unceremoniously attempted to claw back the repayment of Alameda’s loan to Voyager, lawyers on the side of the struggling crypto platform have responded with a two-part salvo of legal requests. In the FTX Group’s original filing, the firm claimed that Voyager had failed to do due diligence before loaning money to...Read More
The FTX Group’s bankruptcy proceedings have seen their fair share of surprising, if not downright hilarious, moments. A motion filed on the 30th of January continues in the spirit of prior ones, seeking to absolve FTX Leadership of all responsibility. Loan Repayment Requested Earlier this year, Voyager Digital was forced to file its own Chapter...Read More
Binance US’ plan to acquire some of Voyager Digital’s assets for $1.02 billion is one step closer as the bankrupt crypto lender received initial court approval for its proposal. The United States District Judge Michael Wiles of the bankruptcy court for the Southern District of New York on January 10th approved Voyager to work out...Read More
In a filing on Jan. 4, the financial regulator submitted a limited objection and reservation of rights. The SEC is pushing back on Binance’s U.S. division’s plan to buy bankrupt crypto lender Voyager Digital in a deal valued at around $1 billion. According to the agency, the purchase agreement does not include sufficient detail about...Read More
Binance US has entered into an agreement with Voyager Digital to acquire its assets. The bid from the cryptocurrency exchange also means that there’s a path for Voyager customer funds to be unlocked “as soon as possible.” CryptoPotato reported earlier in November that CZ had confirmed that Binance US will be bidding for the assets...Read More
The FTX implosion may have dented investor confidence and extended the crypto winter, but that does not appear to be a hurdle for many exchanges from pursuing expansion via mergers and acquisitions. One such is – CrossTower – a crypto exchange that is reportedly considering new acquisitions of different types of companies with a good...Read More
As FTX will not be able to follow through on its commitment to purchase Voyager and its assets, Binance US will return to the table, said Changpeng Zhao. He also reiterated a previous statement that Binance is not a Chinese company, despite his appearance. Binance US to Bid on Voyager Again The cryptocurrency winter that...Read More
United States-based cryptocurrency exchange FTX.US was approved by the bankruptcy court to enter the asset purchase agreement with the bankrupt crypto lender, Voyager. According to the official announcement, FTX.US is valued at nearly $1.422 billion. Voyager said it will move forward with a customer vote on the broader recovery plan, which entails the implementation of...Read More
Lawyers representing the Official Committee of Unsecured Creditors (UCC) of Voyager Digital have raised objections to sweeping legal immunity being planned for the firm’s senior executives. Last month, the Sam Bankman-Fried (SBF)-led crypto exchange FTX won the bid for Voyager for $1.4 billion, beating Binance in the race. However, the Voyager management has reportedly added...Read More
Voyager Digital’s Chief Financial Officer, Ashwin Prithipaul, is set to exit the company after a transition period to “pursue other opportunities.” The exec joined the company as the CFO in May this year. Voyager’s current Chief Executive Officer, Stephen Ehrlich, will step into the role to assume Prithipaul’s duties in the interim. In addition to...Read More
