Voyager Digital today announced that Binance.US won a second bidding process following FTX’s bankruptcy filing to buy the bankrupt firm’s assets for $1.022 billion.
Bankrupt cryptocurrency lender Voyager Digital today announced in a press release that Binance.US has agreed to acquire its assets for $1.022 billion. Binance’s bid is a fair market value of Voyager’s portfolio which at a current market value stands at around $1 billion. The newly announced deal comes only weeks after a planned FTX-Voyager acquisition fell through as a result of the implosion of FTX and the arrest of its former CEO Sam Bankman-Fried. Voyager said in its statement:
The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.
Voyager was one of the earlier firms to file for bankruptcy protection in July 2022 after defunct cryptocurrency hedge fund Three Arrows Capital (3AC) defaulted on a significant loan extended to Voyager per reports by CNBC. When Voyager filed for bankruptcy protection, it had approximately $1.3 billion in assets but was owed over $650 million by 3AC. This amount is a far cry from the $5.8 billion worth of assets Voyager had at the end of 2021.
Voyager said in its press release that Binance.US’s offer represented “the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”
The collapse of Voyager left more than 1.7 million users in the dark as to what would happen to their cryptocurrencies. The initial deal with FTX meant that users would receive an account credit as well as custody of certain cryptos supported by FTX. However, when the issues with FTX’s balance sheet came to light it forced the exchange into bankruptcy have left many who had pending deals with FTX completely in the lurch.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sourced from cryptodaily.co.uk.
Written by Jana Serfontein on 2022-12-19 18:30:00.
