US Courts Approves The First Deal Between FTX and Troubled Digital Asset Lender Voyager
Over $1.4 billion in assets will be purchased by cryptocurrency exchange platform FTX from troubled digital asset lender Voyager under a deal approved by a US court.
Approving The Agreement FTX & Voyager
It has been confirmed by a court that Voyager has entered into a $1.42 billion partnership agreement with FTX through which its virtual assets will be acquired by the crypto exchange.
As of September 26th, FTX’s bid includes the fair market value of all Voyager’s digital assets, which are worth a combined $1.31 billion, along with $111 million set aside for creditor obligations.
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Customers are now being asked to vote on Voyager’s “Plan,” which is intended to maximize financial recovery to creditors.
“Voyager and its affiliated debtors believe that the sale to FTX US is in the best interest of all stakeholders and, ultimately, is the best possible – and only actionable – transaction available,” Voyager said.
“As such, Voyager and its affiliated debtors urge you to properly and timely submit your ballot, in advance of the November 29th deadline, with a vote to accept the plan,” they added.
Selected Users Who Will be Eligible to Receive Crypto
As compensation, only customers who successfully switch to FTX will receive crypto assets supported by the exchange platform, while other customers will receive cash.
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“Value may be returned to customers through a mix of in-kind crypto, USDC [USD Coin], and US dollars, depending on the nature of a customer’s claims, whether and when customers transition to FTX US, and the specific coins supported on the FTX US platform,” Voyager said.
“Only customers who transition to FTX US will be eligible to receive cryptocurrency as part of their plan distribution – customers who do not transition to FTX US will receive their distributions in cash from the Voyager bankruptcy estates,” They explained.
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