Voyager Digital, a crypto broker that went bankrupt last year, has given up on finding a buyer and decided to liquidate its assets and wind down its business.
Voyager Digital Will Liquidate After Failing to Find Buyer
Voyager Digital, a crypto broker that went bankrupt last year, has given up on finding a buyer and decided to liquidate its assets and wind down its business. The company had previously tried to sell itself to FTX US and Binance US, but both deals fell through due to regulatory hurdles and other issues.
According to a filing on Friday, Voyager customers will be able to recover only 36% of their crypto holdings, which is much lower than the 72-73% they would have received if the Binance US deal had gone ahead. However, this percentage could increase if Voyager wins a legal dispute with Alameda Research, a crypto trading firm that claims $446 million from Voyager's estate.
Voyager will allow customers to withdraw their funds directly if they have any of the 67 supported tokens, such as Bitcoin and Ether. However, some tokens that cannot be withdrawn will be sold and converted to cash for customers.
Voyager said on Twitter that it hopes to start making initial distributions to customers in the next few weeks. However, the plan could face objections from creditors or other parties, which would delay the process.
