Key Points:
The FTC stated that it doesn’t want any scheme to wind up the affairs of Voyager, who is referred to as the debtor in the court documents, to get in the way of its inquiry.
The FTC might legally be prevented from bringing legal action or levying sanctions against the company and its former workers if the judge approves the scheme as it is. The strategy was referred to as a “disguised discharge” by FTC attorney Katherine Johnson.
Johnson stated in a court declaration submitted that Voyager Digital is the subject of an FTC investigation for their deceptive and unfair marketing of cryptocurrency to the public.
“The FTC has commenced an investigation into certain acts and practices of Debtors and Debtors’ employees, directors, and officers, for their deceptive and unfair marketing of cryptocurrency to the public,” the documents stated.
Voyager announced a deal for Binance US to purchase its troubled assets after restarting the bidding process. Even further, the company created Binance US accounts for its US-based customers—provided they reside in states where Binance US is permitted to operate.
The selling of corporate assets to the cryptocurrency exchange Binance US was part of a bankruptcy plan put out by Voyager on January 13. Yet according to the FTC, the plan would also have exempted the business and its workers from any monetary claims, maybe including ones that were the result of misconduct.
The restructuring plan will release the company from liability for its fraud, willful misconduct, or gross negligence. Bankruptcy Judge Michael Wiles has scheduled a March 2 hearing in Manhattan to confirm Voyager’s restructuring plan.
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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Harold
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