The cryptocurrency exchange FTX US has secured the winning bid for the assets of cryptocurrency brokerage Voyager Digital with an offer valued at approximately $1.4 billion.according to Voyager.
Voyager said that the offering was made up of the fair market value of his cryptocurrency holdings “at a date to be determined in the future” estimated to be around $1.3 billion along with $111 million of what he says is “incremental value.”but did not provide further details.
Little information was given regarding what will happen to Voyager clients still waiting to gain access to their cryptocurrency holdings. Voyager stated that additional information on cryptocurrency access “will be shared as it becomes available.”.
Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza
— Voyager (@investvoyager) September 27, 2022
Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. There is a press release linked below. Learn more about what this deal means for customers below. https://t.co/OmOd7pvSza
Voyager only mentioned that the platform FTX US will “allow customers to trade and store cryptocurrencies after the conclusion of the company’s chapter 11 cases”.
Cointelegraph reached out to FTX and Voyager Digital for further comment, but did not immediately hear back.
The sale of the assets is scheduled to be completed after a chapter 11 plan and asset purchase agreement are filed for approval by the United States Bankruptcy Court for the Southern District of New York on October 19..
Cointelegraph previously reported that cryptocurrency platforms Binance and CrossTower also submitted bids with FTX to acquire Voyager’s assets, each proposing their own terms..
One source claimed that Voyager clients would receive their prorated share of crypto assets and transition to the FTX platform if their offering is successful.
Voyager entered Chapter 11 bankruptcy on July 5.sometimes called a “reorganization” bankruptcy, that allows a company to retain control of its assets and continue to operate while it plans to restructure or sell the business.
The filing was for a more than $1 billion insolvency after cryptocurrency hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan. of the company. Voyager says his claims against 3AC remain in the bankruptcy estate.
The company maintains that its chapter 11 filing was “aimed at returning maximum value to customers.” and also considered a reorganization, but stated that the sale to FTX US was the “best alternative for Voyager stakeholders”.
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