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$484 Million Secured by Voyager Digital to Repay Creditors

14 April 2024
in Altcoin
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Key Takeaways

Voyager Digital secures $484 million by way of settlements, primarily with FTX, to repay collectors;
D&O insurance coverage mediation and the continued litigation with Three Arrows Capital additionally contribute to the reimbursement fund;
Voyager offers with 270,000 uncashed checks price $17M, setting an April 20 deadline for cashing.

Voyager Digital, a crypto agency that declared chapter in July 2022, has efficiently gathered $484 million to pay again its collectors.

Most of this sum, round $450 million, comes from a settlement with the now-collapsed crypto trade FTX.

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A further $14.35 million comes from a settlement within the Administrators and Officers insurance coverage mediation.

As a member of the Three Arrows Capital (3AC) collectors’ committee, Voyager additionally anticipates receiving an preliminary $20.43 million from the fund’s litigation course of out of a complete declare pool of roughly $675 million.

Voyager’s restructuring plan was authorized in Could 2023, promising prospects to get well not less than 35% of their claims.

Regardless of the progress in shopper repayments, Voyager nonetheless faces operational points, resembling managing about 270,000 uncashed checks, largely for quantities below $25, totaling as much as $17 million. The agency has set an April 20 deadline to money these checks.

Regardless of these challenges, Voyager stays dedicated to assembly its obligations to collectors, highlighting a decided but optimistic post-bankruptcy journey.

The corporate’s difficulties lengthen to its companions as nicely. Just a few months in the past, a class-action lawsuit focused the NBA on account of allegations of negligence in approving advertising and marketing offers with Voyager Digital, which has led to investor losses exceeding $4.2 billion.

Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Warfare II period.With near a decade of expertise within the FinTech business, Aaron understands all the largest points and struggles that crypto fanatics face. He’s a passionate analyst who is worried with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to particular person for the whole lot and something associated to digital currencies. With an enormous ardour for blockchain & Web3 training, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish learners.Aaron has been quoted by a number of established retailers, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market developments, and on the lookout for the following supernova.



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