Initially, FTX US was the largest investor in the company’s assets, with a value of $1.4 billion.
According to a new document released on December 19, cryptocurrency exchange Binance.US will acquire the assets of the bankrupt crypto lender Voyager Digital for $1.022 billion. After an analysis of strategic options, the company said that Binance.US represents “the highest and best value for its assets.”
The $1.022 billion offer includes the fair market value of Voyager’s cryptocurrency portfolio at a future date to be determined, plus another consideration equal to $20 million of other value.
“The company’s claims against Three Arrows Capital remain in the bank’s debt, and any future collections on these and other unpaid claims will be distributed to the creditors of the building the body. The Binance.US offering seeks to restore crypto traders to form, consistent with court-approved payments and platform rights.”
The agreement is expected to close by April 18, 2023. Binance has agreed to invest $ 10 million in good faith and reimburse Voyager for certain expenses up to $ 15 million. The governing court will hold a hearing to approve the purchase agreement on January 5, 2023. In addition, the sale is subject to a lender vote and other customary closing conditions. Voyager stopped taking off in July and filed for bankruptcy due to liquidity problems stemming from its exposure to a $650 million default by former hedge fund Three Arrows Capital. Cointelegraph previously reported in October that the struggling cryptocurrency exchange FTX US has secured support for Voyager assets for $1.4 billion. The previous agreement allowed for the payment of the first installments and also allowed unsecured creditors to recover about 72% of the value of their accounts.
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