Voyager Customers Can Recover 72% Of Frozen Cryptocurrencies If Sale Deal To FTX US Is Made

Voyager creditors are voting to make a decision to sell the bankrupt crypto company’s $1.42 billion assets to FTX US. If the deal goes through, their customers can recover 72% of the frozen cryptocurrencies.

In a hearing on October 18, the document filed said Voyager customers were able to recover 72% of their crypto funds that had been frozen by the bankrupt crypto company. However, according to US bankruptcy judge Michael Wiles, the sale is not expected to be final until it receives approval from Voyager’s creditors and he approves the bankruptcy payment plan.

There is also the inclusion of a clause called a “fiduciary out” that allows Voyager to cancel the deal with FTX should any offers be presented that offer a better outcome for creditors. 

Earlier on September 26, the deal to sell the assets of the bankrupt crypto company to FTX US was approved for a bid of $1.42 billion. Voyager said the bid from FTX US is made up of the fair market value of its crypto holdings as of the date determined, is estimated at $1.3 billion. dollars, as well as an additional consideration of at least $111 million.

The deal could be thwarted, however, because on October 17, FTX US and its founder Sam Bankman-Fried are under investigation by the Texas securities regulator.

Additional statements from Texas regulators are attached to the objection to the sale of Voyager Digital assets to FTX filed by the Office of the Texas Attorney General on October 14. Specifically, according to the objection, Voyager Digital conducted the transfer without a license, due to not being registered as a securities dealer in Texas.

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