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Voyager Digital, a US-based cryptocurrency lender, filed for bankruptcy protection just days after suspending all transactions, deposits and withdrawals on the platform.
Voyager digital files for bankruptcy protection
In a statement, the company stated in a statement to the US Bankruptcy Court in the Southern District that it had “submitted a voluntary petition for the protection of Chapter 11 to carry out restructuring.” New York..
“This comprehensive reorganization is the best way to protect assets on the platform and maximize the value of all stakeholders, including customers,” said Stephen Ehrlich, CEO of Voyager. ..
“The process in Chapter 11 provides an efficient and equitable mechanism for maximizing recovery.”
The company says restructuring plans that require changes and court approval will help regain access to accounts and return value to customers.
Voyager Digital states that it has over $ 110 million in cash and crypto assets in its possession. This “provides liquidity to support day-to-day operations during the process in Chapter 11.”
In addition, Metropolitan Commercial Bank’s For Benefit of Customers (FBO) account has more than $ 350 million in cash, the platform has about $ 1.3 billion in crypto assets, and Three Arrows Capital (3AC) has been charged more than $ 650. I have. One million.
Voyager Digital LLC has issued a default notice to 3AC because it did not make the required payments for the previously disclosed 15,250 Bitcoin (BTC) and $ 350 million worth of USD Coin (USDC) loans.
“Voyager is actively pursuing all possible remedies available for recovery from 3AC, including a court-ordered liquidation process in the British Virgin Islands,” the company said.
In the reorganization plan, Voyager customers who have cryptocurrencies in their accounts will receive a combination of cryptocurrencies in their account, revenue from 3AC recovery, common stock of the newly reorganized company, and Voyager tokens in exchange.
Voyager is the latest in a series of cryptocurrency companies that are in a difficult situation due to current market conditions. The latest are Vauld and Celsius.
