Recovery of 72% of Voyager users’ funds

Read Time:1 Minute, 59 Second

Digital currency lending company Voyager Digital will soon be transferred to the FTX platform. This transfer leads to Recovery of 72% of Voyager users’ funds will be

According to court documents, customers Voyager Digital crypto lending company Under a pilot contract called FTX US, they will be able to recover 72% of their capital.

Read more: What is the future of Ripple in 2022?

Recovery of capital of Voyager users

U.S. Bankruptcy Judge Michael Wiles announced during the court hearing that the tentative sale will not be finalized until Voger’s creditors receive approval and the bankruptcy payment plan is approved. Wiles further added:

If this plan is destroyed, no part of the agreement will remain. According to the legal rating of “fiduciary”, the Voyager platform can cancel the transaction with FTX if it presents better offers to creditors.

Recovery of 72% of Voyager users' funds

A fiduciary clause is often included in bankruptcy cases. This clause allows companies to consider higher offers until the sale is finalized. This will ensure that creditors get the best deal possible.

Migrating Voygaer users to the FTX platform

Voyager platform In the past, it has indicated that its customers are likely to be transferred to the FTX platform after the winning bid (worth approximately $1.4 billion) is announced on September 27. The FTX trial plan will recover the capital of Voyager users. Account holders on the Voyager platform are able to recover about 72% of their funds that were frozen since June 1.

The announced figure does not include the refund amount of Three Arrows Capital. The Voyager platform has claimed in the past that the 3AC fund has continued to refuse to repay the loan it received from the platform. Any additional funds that Voyager manages to receive will increase the amount of capital received by the users of the platform.

Voyager filed for Chapter 11 bankruptcy on June 4 due to liquidity problems following the collapse of crypto hedge fund Three Arrows Capital. Voyager stated that the FTX US offer has a fair market value. As of September 26, the value of the project is estimated at 1.3 billion dollars. It is likely that another $111 million will be added to Voyager’s value.

Read more:

What do you think about Voyager users recovering 72% of their capital? Please leave your comments in the comments section duplicate share it.

Source: cointelegraph

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post Tesla’s Q3 earnings report; Elon Musk kept his BTCs!
Next post Dollar exchange rate, gold coin, euro, gold price today, October 29, 1401