According to a new press release published on December 19, Binance.US cryptocurrency exchange will acquire the assets of bankrupt cryptocurrency lender Voyager Digital for $1.022 million. After a review of strategic options, the firm said that Binance.US represented the “highest and best offer for its assets.”
The $1.022 million offer is comprised of the fair market value of Voyager’s cryptocurrency portfolio at a date to be determined in the future, together with additional consideration equal to $20 million of incremental value.
“The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery of these and other undischarged claims will be distributed to the estate’s creditors. The Binance.US offering is intended to return cryptocurrencies to the estate’s in-kind clients, in accordance with court-approved disbursements and platform capacities.
The deal will close on April 18, 2023. Binance has agreed to make a good faith deposit of $10 million and will reimburse Voyager for certain expenses up to a maximum of $15 million.. The bankruptcy court over which he presides will hold a hearing to approve the purchase agreement on January 5, 2023. In addition, the sale is subject to creditors’ vote and other customary closing conditions.
Voyager halted withdrawals in July and filed for bankruptcy amid liquidity problems stemming from its exposure to default on a $650 million loan from defunct hedge fund Three Arrows Capital. Cointelegraph previously reported in October that Troubled cryptocurrency exchange FTX US had secured a bid for Voyager’s assets for $1.4 billion. The previous agreement allowed senior loans to be paid in full and unsecured creditors to recover approximately 72% of the value of their accounts.
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