Binance.US’s Voyager Acquisition Agreement Final Hearing Will Take Place On March 2
- Voyager UCC stated that after Binance.US’s bidding is completed, stakeholders in the transaction have 28 days to raise objections and the objection deadline.
- The final hearing for the acquisition of Voyager’s assets will be held on March 2, and the calculation date for the price of user recovery funds has not yet been determined.
- The UCC sought greater protection in light of the unexpected collapse of FTX and the risks in the cryptocurrency industry.
The final hearing for Binance.US’ acquisition of Voyager’s assets will be held on March 2, and the calculation date for the price of user recovery funds has not yet been determined.
In response to the process of Binance.US acquiring Voyager assets, the Voyager Unsecured Creditors Committee (UCC) stated on Twitter that after the bidding is completed, stakeholders in the transaction have 28 days to raise objections, and the objection deadline is on February 22, a hearing to finalize the deal is scheduled for March 2, which provides a week to respond to any objections before the hearing.
In addition, the committee stated that although Binance.US assured the UCC that the transferred cryptocurrencies would be protected, the UCC sought greater protection from Binance.US in light of the unexpected collapse of FTX and the risks of theft and fraud in the cryptocurrency industry.
That is, according to the revised purchase agreement, after the transaction closes, the cryptocurrency will be transferred from Voyager to Binance.US on a weekly basis, and the transferred cryptocurrency is the cryptocurrency that will be immediately distributed to the account of the creditor.
Customers who already have Binance.US accounts can receive distributions into their existing accounts. Binance.US will coordinate with Voyager to confirm which customers already have accounts on Binance.US – Voyager UCC.
Additionally, in response to a Twitter user’s questions about “what day’s price is the customer’s funds recovered based on?” and “is there a spreadsheet for calculating recovery estimates based on individual accounts?”, the commission also responded that the price paid by Binance.US for the Voyager cryptocurrency would be determined at a future date closer to the deal deadline.
The fair market value of encrypted assets will determine the client’s asset recovery rate. Customers will receive a flat percentage return regardless of their crypto holdings, including USDC. Note that this recovery estimate is based on spot prices on December 18, so the actual recovery will vary based on the value of the Voyager cryptocurrency.
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