- According to reports, Kirkland and Ellis LLP are representing the company.
- More than 100,000 people were creditors to the company.
Several projects have failed as a result of the current market downturn. Recently, the firm put all crypto trading, deposits, and withdrawals on hold. The company filed for Chapter 11 bankruptcy only a few days after this incident.
In the Southern District of New York, Voyager Digital filed for Chapter 11 bankruptcy on Tuesday night. Voyager Digital Holdings, Voyager Digital LLC, and Voyager Digital, Ltd., all of the company’s corporate entities, were included in the filing. According to reports, Kirkland and Ellis LLP are representing the company. According to the documents, more than 100,000 people were creditors to the company. Between $1 billion and $10 billion in assets were considered. Liabilities were in the same ballpark as assets.
$75 Million Drained of FTX
A list of names was included in the filling. Alameda Research, on the other hand, stood out. FTX CEO Sam Bankman-Fried established the primary trading business in 2017. Alameda Research is the largest unsecured creditor, owing $75 million. Furthermore, Voyager is the second high-profile crypto platform to declare bankruptcy in recent days, after Three Arrows Capital.
In recent weeks, several cryptocurrency organizations, primarily lenders, have been unable to let consumers withdraw their assets. In mid-June, Celsius announced that it would put a halt to withdrawals. Withdrawal limits and even total suspension have been implemented for the likes of CoinFLEX, CoinLoan, and Voyager.
Three Arrows Capital and Voyager are the latest companies to declare bankruptcy. On the other hand, Three Arrows filed a Chapter 15 petition in connection with an ongoing liquidation process mandated by a court in the British Virgin Islands.
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