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Voyager Digital files liquidation procedures for account holders
Chicago, May 5 – Voyager Digital Ltd. filed liquidation procedures with the U.S. Bankruptcy Court for the Southern District of New York on Friday.
The filing comes in the wake of the termination from BAM Trading Services Inc. (Binance US) of its agreement to purchase Voyager’s assets for $1.3 billion.
The liquidation procedures outline the steps customers need to take for their claims.
There are 38 unsupported tokens that cannot be withdrawn in kind. Voyager Digital will liquidate those tokens on the effective date and account holders will receive their pro rata recovery of the unsupported tokens.
There are 67 tokens which can be withdrawn in kind. Those holders will receive their pro rata recovery in kind.
VGX is separate. Holders of VGX will receive their pro rata recovery on account of VGX in U.S. dollars.
There will be a platform reopening date and holders will be permitted to make cryptocurrency withdrawals in either cash or kind, as delineated by the type of coin, for 30 days following the reopening date. Withdrawals will be made from the holder’s designated wallet address.
Holders will be treated equally, whether they are in a supported jurisdiction or an unsupported jurisdiction.
An estimated initial recovery to a hypothetical claimholder in a table showed a 35.72% distribution recovery, but the table was for illustrative purposes only.
Potentially, recoveries may increase. The increase is based on if the debtors prevail in the FTX/Alameda preference dispute.
Voyager Digital is a cryptocurrency broker based in New York. The company filed bankruptcy on July 5, 2022 under Chapter 11 case number 22-10945.
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