News

Binance.US’s Voyager Acquisition Agreement Final Hearing Will Take Place On March 2

Key Points:

  • 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.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

2 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

4 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

5 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

8 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

11 hours ago

This website uses cookies.