{"id":37832,"date":"2022-10-20T04:26:14","date_gmt":"2022-10-20T08:26:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=37832"},"modified":"2022-10-20T04:26:16","modified_gmt":"2022-10-20T08:26:16","slug":"ftx-deal-may-help-voyager-clients-recover-72-of-frozen-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ftx-deal-may-help-voyager-clients-recover-72-of-frozen-crypto\/","title":{"rendered":"FTX deal may help Voyager clients recover 72% of frozen crypto"},"content":{"rendered":"\n
The plan is still in the works and will not be finalized until it obtains permission from Voyager<\/a> creditors and the judge approves the bankruptcy payout plan.<\/h5>\n\n\n\n
\"FTX
FTX deal may help Voyager clients recover 72% of frozen crypto<\/figcaption><\/figure>\n\n\n\n

According to court filings, customers of the insolvent cryptocurrency lender Voyager Digital\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> may be eligible to receive 72% of the value of their accounts as part of a tentative agreement with FTX US.<\/p>\n\n\n\n

The tentative sale won't be final, though, until it has been approved by Voyager's creditors and the bankruptcy payout plan has been approved by the US bankruptcy judge, according to what he said during the court hearing:<\/p>\n\n\n\n

\u201cIf the plan falls apart, there\u2019s no part of this agreement that survives.\u201d<\/p><\/blockquote>\n\n\n\n

Additionally, there is a provision known as a “fiduciary out” that enables Voyager<\/a> to terminate the agreement with FTX should any proposals be made that result in a better outcome for creditors.<\/p>\n\n\n\n

The clause, which permits businesses to take into account higher offers until the sale is completed in order to ensure creditors obtain the best possible bargain, is frequently included in bankruptcy cases.<\/p>\n\n\n\n

Voyager had earlier made a suggestion that its users would eventually switch to the FTX platform after the exchange had won the bidding on September 27 at a valuation of roughly $1.4 billion after a two-week process.<\/p>\n\n\n\n

The preliminary plan from FTX<\/a> would allow for the full payment of all priority claims and the recovery of roughly 72% of the value of all other account holders' accounts, which have been frozen since July 1.<\/p>\n\n\n\n

The amount excludes any money it might be able to recover as part of its lawsuit against Three Arrows Capital (3AC), a cryptocurrency hedge fund that had stopped making loan payments to Voyager.<\/p>\n\n\n\n

Voyager account holders will be able to reclaim a larger portion of their frozen accounts with the help of any additional cash that is obtained as part of this claim.<\/p>\n\n\n\n

Following the failure of the cryptocurrency hedge fund Three Arrows Capital<\/a>, Voyager filed for Chapter 11 bankruptcy on July 4. This was done due to liquidity problems.<\/p>\n\n\n\n

The fair market value of FTX US's crypto holdings as of an undisclosed date, which as of September 26 is estimated to be $1.3 billion, and additional consideration of at least $111 million, according to Voyager, make up the bid.<\/p>\n","protected":false},"excerpt":{"rendered":"

The plan is still in the works and will not be finalized until it obtains permission from Voyager creditors and the judge approves the bankruptcy payout plan. According to court filings, customers of the insolvent cryptocurrency lender Voyager Digital may be eligible to receive 72% of the value of their accounts as part of a […]<\/p>\n","protected":false},"author":38,"featured_media":37838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[778,8789,5107],"class_list":["post-37832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-voyager","tag-voyager-digital"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/image-1933.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/37832","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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=37832"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/37832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/37838"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=37832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=37832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=37832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}