{"id":36765,"date":"2022-09-27T01:14:27","date_gmt":"2022-09-27T05:14:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=36765"},"modified":"2022-09-27T01:14:31","modified_gmt":"2022-09-27T05:14:31","slug":"crypto-exchange-ftx-us-wins-voyager-digitals-assets-auction","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-exchange-ftx-us-wins-voyager-digitals-assets-auction\/","title":{"rendered":"Crypto exchange FTX US wins Voyager Digital\u2019s assets auction"},"content":{"rendered":"\n
Cryptocurrency brokerage company Voyager Digital has announced FTX US as the winning bidder for its digital assets<\/a> worth roughly $1.4 billion and also its customers will eventually transition to the FTX platform.<\/h5>\n\n\n\n
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Crypto exchange FTX US wins Voyager Digital\u2019s assets auction <\/figcaption><\/figure>\n\n\n\n

Voyager \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>claimed that the bid consisted of the fair market value of its cryptocurrency holdings “at a to-be-determined period in the future,” which is expected to be roughly $1.3 billion, plus $111 million of what it claims is “incremental value,” but did not provide any other information.<\/p>\n\n\n\n

Voyager stated that more information about crypto access “would be released as it becomes available,” but no information was provided regarding what will happen to customers who have yet to receive access to their cryptocurrency holdings.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/investvoyager\/status\/1574582033363644416\n<\/div><\/figure>\n\n\n\n

Only the statement that “would enable users to trade and store cryptocurrencies after the end of the company's chapter 11 cases” was made by Voyager regarding the FTX US platform.<\/p>\n\n\n\n

After a chapter 11 plan and asset purchase agreement are submitted for approval by the United States Bankruptcy Court for the Southern District of New York on October 19, the sale of the assets is scheduled to take place.<\/p>\n\n\n\n

In addition to FTX, it was previously revealed that cryptocurrency exchanges Binance <\/a>and CrossTower had submitted offers to buy Voyager's assets, each with a different set of conditions.<\/p>\n\n\n\n

According to a source, if the bid was successful, Voyager customers would transfer to the FTX platform and receive their pro rata portion of cryptocurrency assets.<\/p>\n\n\n\n

On July 5th, Voyager filed for chapter 11 bankruptcy. Chapter 11 bankruptcy, sometimes known as a “reorganization” bankruptcy, enables a company to keep control of its assets and carry on business operations while it intends to restructure or sell the company.<\/p>\n\n\n\n

After crypto hedge fund Three Arrows Capital<\/a> (3AC) defaulted on a $650 million loan from the company, Voyager claims its rights against 3AC stay with the bankruptcy estate. The case was for insolvency valued at over $1 billion.<\/p>\n\n\n\n

The firm claims that the purpose of its chapter 11 filing was “to return maximum value to customers.” It also contemplated a reorganization, but ultimately decided that selling to FTX US was the “best solution for Voyager stakeholders.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency brokerage company Voyager Digital has announced FTX US as the winning bidder for its digital assets worth roughly $1.4 billion and also its customers will eventually transition to the FTX platform. Voyager claimed that the bid consisted of the fair market value of its cryptocurrency holdings “at a to-be-determined period in the future,” which […]<\/p>\n","protected":false},"author":12,"featured_media":36769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1417,1526,5319,8789],"class_list":["post-36765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-auction","tag-digital-assets","tag-ftx-us-2","tag-voyager"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-159.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=36765"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/36769"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=36765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=36765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=36765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}