Binance.US acquires the assets of Voyager Digital

Cryptocurrency exchange, Binance.US, has agreed to acquire the assets of bankrupt cryptocurrency lender, Voyager Digital, for $1.022 billion. This was the highest and best offer submitted.

- Advertisement -

The $1.022 billion offer consists of the fair market value of Voyager’s cryptocurrency portfolio at a date to be determined in the future, along with an additional consideration equal to $20 million of incremental value.

“Voyager Digital’s claims against Three Arrows Capital remain in the bankruptcy estate and any future recovery of these and other unreleased claims will be distributed to creditors of the estate. Binance.US’s offer aims to return the cryptocurrency to customers, in kind, in accordance with court-approved disbursements and the platform’s capabilities.”

Read Also: Binance will make an offer to acquire Voyager Digital

The deal is scheduled to close by April 18, 2023.

Binance has agreed to make a $10 million deposit as a show of good faith and will reimburse Voyager for certain costs up to a maximum of $15 million. A hearing will be held by the presiding bankruptcy court to approve the purchase agreement on January 5, 2023. In addition, the sale is subject to a creditor vote and other customary closing conditions.

History of the decline

Voyager discontinued customer withdrawals last July and declared bankruptcy amid liquidity problems stemming from its exposure to a $650 million loan default by inactive hedge fund, Three Arrows Capital.

In a Twitter post on December 20, Voyager’s uncovered creditors’ committee expressed the view that Binance.US’s offer “is the best transaction at this time”, although it added that “an evaluation will follow” given a limited timeframe for evaluating the decision.

- Advertisement -

Read Also: Binance reopens its proposal to buy the bankrupt Voyager

Previous Articles:

- Advertisement -

Latest

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

Must Read

Top 5 Testing Tools For Blockchain Applications in 2022

Blockchain apps have been adopted popularly by some prominent industries due to its being a decentralized-designed technology. Furthermore, these apps eliminate the risks that...