Lawyers for Voyager Digital say the bankrupt crypto lender will self-liquidate its assets and wind down operations after failing to clinch a deal on a sale to either FTX US or Binance.US.

According to the filing, Voyager’s customers will receive an initial recovery of 36% of their crypto holdings – an abysmally-low recovery rate compared to both estimates of their recovery rate of 72-73% if either of the acquisition plans were successful, as well as recovery estimates for creditors of other bankrupt crypto platforms. Celsius’ creditors, for example, will receive an estimated 70% of their holdings.

The recovery rate could rise, according to the filing, if defunct crypto trading firm Alameda Research’s bid to claw back $446 million from Voyager’s estate fails.