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Voyager Digital has revealed substantial progress in its efforts to reimburse creditors post-bankruptcy. The company has realized $484.35 million from settlements with <a href="https://coingape.com/ftx-news-claim-faces-backlash-over-massive-price-gap-for-btc-eth-sol-bnb/" rel="noopener noreferrer nofollow">FTX</a>, Three Arrows Capital (3AC), and Directors and Officers (D&amp;O) insurance claims, which represents a significant achievement in the company’s financial recovery and creditor compensation.
<h2 id="voyager-recovery-effort">Voyager Recovery Effort</h2>
The process by which <a href="https://coingape.com/rug-pull-alert-voyager-350-bln-shiba-altcoins-withdrawal-news/" rel="noopener noreferrer nofollow">Voyager Digital</a> is a recovery fund has been multi-pronged, relying not only on different sources but also on legal actions. The bulk of the recovery, about $450 million, comes from an agreement with the cryptocurrency exchange FTX. This settlement, including interest, represents approximately 25% of the total Voyager’s creditors’ claims and is expected to be distributed in the near future.
Additional recoveries to the recovery fund also consist of a substantial part of the ongoing proceedings in proceedings against <a href="https://coingape.com/3ac-creditors-have-largest-worldcoin-positions-wld-price-can-rally-to-26/" rel="noopener noreferrer nofollow">Three Arrows Capital </a>(3AC), summing roughly to $675 million.&nbsp;
In this, Voyager has already received $20.43 million as its portion of liquidating assets proceeds with expectations of future payments as assets are liquidated and litigation recoveries are experienced over time. Also, a mediation settlement with the D&amp;O Insurance has committed a minimum of $14.35 million to the benefit of the creditor, strengthening the creditor funds.
<h2 id="addressing-operational-challenges">Addressing Operational Challenges</h2>
While Voyager makes its way through the process of financial recovery, the firm encounters operational challenges, one of which includes many uncashed checks. An approximate number of 270,000 checks, amounting to $17 million, were left uncashed, with most of them being in properties of under $25.&nbsp;
Voyager has given a deadline of April 20, 2024, after which these checks will be voided as unclaimed, and this shows a proactive approach to solving this logistical problem.
Compounding the firm’s troubles is the aftermath of a data breach that compromised creditor information. Consequently, the ongoing investigations with external cybersecurity experts support the identification of the breach’s source and full scope and the prompt addressing of such vulnerabilities.
Read Also: <a href="https://coingape.com/asic-to-appeal-dismissal-of-case-against-finder-crypto-asset-product/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">ASIC to Appeal Dismissal of Case against Finder’s Crypto Asset Product</a>
The post <a href="https://coingape.com/crypto-firm-voyager-secures-484m-for-creditor-repayment/" rel="noopener noreferrer nofollow">Crypto Firm Voyager Secures $484M for Creditor Repayment</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Firm Voyager Secures $484M for Creditor Repayment

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