- Voyager has been trying to refund some of its consumers alongside the selling process.
- Voyager’s attorneys took offence to this and called it a “low-ball” offer.
On Tuesday, a court filing confirmed that the assets of bankrupt cryptocurrency broker Voyager Digital would be auctioned off the following week. Following a deadline extension from August 26 to September 6, interested parties have submitted bids to purchase the company’s assets.
Looks like Voyager will go to auction. Auction takes place in New York on Sept 13th at 10 am EST. Approval of the results will take place Sept 29 at 2 pm. pic.twitter.com/Vc4Nw6ajgn
— Patrick Ackerman (@PatrickAckerman) September 7, 2022
According to the most recent paperwork, a hearing to confirm the auction’s outcomes will be placed on September 29. Although Sam Bankman-Fried of FTX made its own bid public earlier, the identities of the prospective purchasers remain unknown at this time. Voyager’s attorneys took offence to this and called it a “low-ball” offer.
Much-awaited Conclusion
According to Voyager’s legal team, as of early August, 22 interested parties were negotiating with the company in an effort to acquire its assets. Not all of them had entered their bids by Tuesday. So it’s not known how many will go on to the auction round.
Voyager has been trying to refund some of its consumers alongside the selling process. On August 5, the New York bankruptcy court reviewing the matter authorized a plan to repay $270 million to impacted consumers.
There is still around $1 billion in the platform’s bank account. Moreover, this money will be divided as part of the bankruptcy proceeding. Customers have been notified through email of the various cryptocurrencies and their respective balances held on their Voyager accounts. Those who have reason to dispute their holdings’ official tally have until October 3 to do so.
On July 6 of this year, Voyager filed for Chapter 11 bankruptcy protection from creditors. This was because its liabilities reached $10 billion. By July 1, trading was halted indefinitely. In the wake of the collapse of the crypto hedge fund Three Arrows Capital, to which the company was exposed to the tune of $661 million, the company went bankrupt.
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