Cointime

Cointime

Download App
iOS & Android
Home / JUST IN

Voyager Digital's Bankruptcy Plan Approved by U.S. Judge, Customers to Recover Only 35% of Cryptocurrency Deposits

Crypto lender Voyager Digital has been approved to liquidate its assets after filing for bankruptcy protection last July due to volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital. Customers will only recover about 35% of their cryptocurrency deposits as the company winds down its operations after a failed buyout attempt by crypto exchange Binance.US. Voyager’s bankruptcy case was complicated by two failed sale attempts during the bankruptcy process. The company intends to repay customers with the same type of cryptocurrency that they had in their accounts, but for deposits held in unsupported cryptocurrencies and for Voyager’s proprietary VGX token, Voyager will instead repay customers using the Circle’s stablecoin USDC.

Voyager Digital bankruptcy
Comments

All Comments

Recommended for you

  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts

  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.

  • Trump team files complaint over Harris inheriting $96 million in Biden campaign funds

    According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

  • Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry

    Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry.

  • Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate

    Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022.

  • Cointime May 25 News Express

    1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week

  • Crypto Lender Celsius to Hold Vote on Asset Sale Plan to Fahrenheit Consortium, Creditors Could Recover 67%-85% of Holdings

    Crypto lender Celsius, which filed for bankruptcy last year, has received approval from a judge to hold a vote on its plan to sell assets to the Fahrenheit consortium. The plan would see creditors recover between 67% and 85% of their holdings, with returns largely being made in bitcoin and ether.

  • Bankrupt FTX seeks to exclude Dubai unit from US wind-down proceedings

    Crypto exchange FTX, which filed for bankruptcy in the US last November, is seeking to exclude its Dubai unit from the wind-down proceedings. FTX Dubai, which was set up in February 2022 and is owned by the company's European arm, did not conduct any business prior to the bankruptcy filing in the UAE. The estate argues that FTX Dubai is balance sheet solvent and a voluntary liquidation procedure in accordance with UAE laws would allow for a timely distribution of the positive cash balance after payment of all outstanding liabilities and liquidation of all assets. A hearing on the matter is scheduled for Aug. 23.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company