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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">On Wednesday, May 17th, a bankruptcy court <a href="https://twitter.com/VoyagerUCC/status/1658942955875442689" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">approved</a> Voyager Digital’s liquidation plan. The ruling marks the end of the company’s long and rocky bankruptcy and the Committee of Unsecured Creditors stated it will attempt to begin initial distributions no later than June 1st.</p> 
<h3 id="voyager-receives-approval-for-liquidation-plan">Voyager Receives Approval For Liquidation Plan</h3> 
<p>This Wednesday, Bankruptcy Judge Michael Wiles approved Voyager Digital’s liquidation plan. On the same day, the Committee of Unsecured Creditors stated it will seek to start implementing the plan as soon as possible.&nbsp;</p> 
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   <p lang="en" dir="ltr">1/ At today’s hearing, the Court approved the liquidation procedures. We are working with Voyager to go effective under the plan as soon as possible (as early as this Friday).</p>— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) <a href="https://twitter.com/VoyagerUCC/status/1658942955875442689?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">May 17, 2023</a>
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<p>The Committee also expressed its hopes the plan might go effective already on Friday, May 19th, and stated it would, at that point, dissolve. The post also marks June 1st as the latest date for initial distributions.</p> 
<p>According to a Reuters report on the matter, Voyager was <a href="https://www.reuters.com/technology/bankrupt-crypto-lender-voyager-digital-predicts-35-customer-payout-2023-05-17/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">approved to return around $1.35 billion</a> in users’ cryptocurrency. This means that the customers can expect to see approximately 35% of their assets back.</p> 
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<h3 id="voyager-s-bankruptcy-saga-comes-to-its-end">Voyager’s Bankruptcy Saga Comes to Its End</h3> 
<p>The latest liquidation plan was necessitated by Binance.US’s recent <a href="https://tokenist.com/binance-us-gives-up-on-1b-voyager-acquisition/" rel="dofollow" class="deco-link">decision to pull out</a> of its $1 billion acquisition agreement with Voyager. The deal was announced already in late 2022, and, after a series of challenges, received court approval on&nbsp;</p> 
<p>Binance’s American affiliate pulled out of the purchase nonetheless citing regulatory uncertainty. The company has recently found itself under increased pressure from US watchdogs and found itself as well as its CEO on the <a href="https://www.cftc.gov/PressRoom/PressReleases/8680-23" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">receiving end of a CFTC complaint</a>.</p> 
<p>Voyager’s bankruptcy has been mired by setbacks and failed acquisitions. Before Binance.US stepped in, the company made an agreement with FTX—an agreement that was approved only weeks before <a href="https://tokenist.com/ftx-files-for-bankruptcy-sbf-to-step-down-as-ceo/" rel="dofollow" class="deco-link">FTX itself collapsed</a>.</p> 
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<p><strong><em>Do you think the liquidation plan is good enough for Voyager’s customers? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/voyagers-bankruptcy-saga-comes-to-a-close-as-court-approves-liquidation/">Voyager’s Bankruptcy Saga Comes to a Close as Court Approves Liquidation</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Voyager’s Bankruptcy Saga Comes to a Close as Court Approves Liquidation

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