Fun

Bankrupt Voyager secures $484M for creditor repayments

News Feed - 2024-04-11 04:04:44

Amaka Nwaokocha1 hour agoBankrupt Voyager secures $484M for creditor repaymentsThis secured fund, including interest, accounts for about 25% of Voyager creditors’ aggregate claims and is anticipated to be disbursed shortly.465 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBankrupt crypto firm Voyager Digital has made progress toward compensating its creditors by securing $484 million through settlements with FTX, Three Arrows Capital (3AC) and Directors and Officers (D&O) insurance claims. This marks a significant milestone in the company’s financial recovery and creditor reimbursement efforts.


In an April 9 filing in the United States Bankruptcy Court for the Southern District of New York, Voyager disclosed that the majority of the reclaimed funds, roughly $450 million, stem from a settlement with FTX.


Voyager filed for Chapter 11 bankruptcy in July 2022 as the crypto market suffered several shocks, including the collapse of the Terra ecosystem in May.


In October 2023, the U.S. Commodity Futures Trading Commission and the Federal Trade Commission (FTC) filed parallel lawsuits against former Voyager CEO Stephen Ehrlich for fraudulent statements.


This settlement, including interest, accounts for about 25% of Voyager creditors’ aggregate claims and is anticipated to be disbursed shortly.


In addition to the FTX agreement, Voyager has obtained a claim of approximately $675 million from its ongoing litigation with Three Arrows Capital. Of this amount, $20.43 million represents Voyager’s proportionate share of the initial distribution from 3AC.


The administrator expects additional payments to be disbursed in the coming years as assets are sold off and further litigation settlements are secured. A settlement reached through D&O insurance mediation will also allocate at least $14.35 million to benefit Voyager’s creditors.


Related:Former SEC official compares Dallas Mavericks’ Voyager partnership to heroin


As Voyager progresses through its financial recovery journey, the company faces operational hurdles, including many uncashed checks. Around 270,000 checks totaling $17 million remain uncashed, with the majority valued at less than $25.


Voyager has set a deadline of April 20, after which these uncashed checks will be voided if not claimed.


Voyager is also still dealing with the repercussions of an FTX data breach. An ongoing investigation is being conducted to identify the origin and consequences of the breach, which resulted in the compromise of creditor data.


As of May 2023, a restructuring plan proposed having Voyager customers recover 35.7% of their claims in cryptocurrency or cash. The crypto exchange settled with the FTC for $1.65 billion in monetary relief in November 2023.


Magazine:Billions are spent marketing crypto to sports fans — Is it worth it?# Blockchain# Law# Business# Bankruptcy# Cryptocurrency Exchange# FTXAdd reaction

News Feed

William Suberg7 hours agoBitcoin hits 2-week low on US inflation data — When will BTC price bounce?BTC price downside follows renewed inflation fears amid a prediction that Bitcoin might only reverse upward in December
Bitstop to Unveil ATM That Dispenses NFTs at Bitcoin 2022 Event in Miami
Bitstop to Unveil ATM That Dispenses NFTs at Bitcoin 2022 Event in Miami The cryptocurrency automated teller machine (ATM) company Bitstop has revealed its plans to showcase a non-
Mining company TeraWulf pays off outstanding debt early
Vince Quill2 hours agoMining company TeraWulf pays off outstanding debt earlyThe payment will allow the company to focus on scaling operations rather than keeping up with debt obligations in the post-halving environment.
Bitcoin Dominance Sinks to Lowest Level in 3 Years as Ethereum, Numerous Competitors Gain on BTC
Bitcoin Dominance Sinks to Lowest Level in 3 Years as Ethereum, Numerous Competitors Gain on BTC Bitcoin dominance has dropped to the lowest level in just over three and a half yea
Zhiyuan Sun6 hours agoTaiwanese crypto exchange and VASP member Bitgin under investigation for money launderingThe exchange confirmed its chief operating officer’s brief relationship with an alleged money laundering gr
Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million
Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million On Thursday, the bitcoin mining and flare gas mitigation firm Crusoe Energy Systems Inc. revealed it secured $5
Royal Bahamas Police Force Reveals FTX Is Being Investigated for ‘Criminal Misconduct’
Royal Bahamas Police Force Reveals FTX Is Being Investigated for "Criminal Misconduct" “A team of financial investigators” are currently investigating the now-defunct crypt
XRPayNet – the World’s Most Diverse Payment Network, Bringing ‘Buy Now, Pay Later’ to the Crypto Industry
XRPayNet - the World"s Most Diverse Payment Network, Bringing ‘Buy Now, Pay Later" to the Crypto Industry press release PRESS RELEASE. XRPayNet is a cryptocurrency built on the XR
Solana Rising: Key Metrics Hint At Serious Ethereum Competitor
Este artículo también está disponible en español. The Solana blockchain network has been making tremendous strides and is on its way to catching up with Ethereum. Based o
Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch
Bit.com"s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch At the end of January, the Matrixport subsidiary and leading derivatives exchange
xSigma Prepares to Launch Its Stablecoin DEX With Major Backers
xSigma Prepares to Launch Its Stablecoin DEX With Major Backers press release PRESS RELEASE. xSigma is a decentralized exchange and liquidity mining platform that
Price analysis 4/19: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 4/19: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin remains stuck inside a range after traders aggressively purchased the dip, indicating solid demand at lower levels