Binance Is Accused Of Having No Involvement With The $1 Billion Voyager Fund

Key Points:

• Binance  has taken no action from this wallet since the original $1 billion transfer.
• The fund’s only worth is the $50 test transactions.

According to the Twitter account @ScopeProtocol, Binance has done nothing with the $1 billion recovery fund since the Voyager acquisition as of December 30.

According to the account, it has been 36 days since Binance announced the $1 billion industry recovery fund. Since the first $1 billion transfer, there has been no movement from this wallet. The fund’s only worth is the $50 test transactions.

Many users have inquired about Binance’s next plans following the acquisition. Voyager, on the other hand, already announced that Binance US would acquire its assets, which are valued at $1.002 billion at current market levels.

Voyager Digital Ltd., an encrypted lending platform, said that its operating corporation will be dissolved on December 19, 2022. In addition, Binance US will spend $1.022 billion to acquire Voyager Digital Assets.

The Binance.US bid lays out a clear path forward to unlock Voyager customer funds as soon as possible, valued at approximately $1.022 billion, which includes I the firm’s cryptocurrency portfolio’s fair market value at a future date to be determined, estimated at $10.02 million at current market prices, plus (ii) additional consideration equal to a $20 million incremental value.

The Company’s claims against Three Arrows Capital are still part of the bankruptcy estate, and any future recoveries from these and other outstanding claims will be split among estate creditors. The offer from Binance.US attempts to return cryptocurrency in kind to clients based on court-approved payouts and platform capabilities.

Binance.US will make a $10 million good faith deposit and refund Voyager for certain expenses up to $15 million. If the transaction cannot be finalized by April 18, 2023, the agreement allows the digital asset firm to take immediate action to return value to clients, but it can be extended by one month.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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