Funds on the platform of bankrupt cryptocurrency broker Voyager Digital could begin returning to creditors in the "coming weeks," the Voyager creditors committee said.
The Now-DEFUNCURRENCY FIRM is in the final stages of bankruptcy liquidation processings, accounting to a May 4 TWEET from the Office Voyager UNSE CURED CREDITORS CommitTee (UCC). The ucc "hopes" that "the first distribution of the" ". The UCC update comes 10 days after Binance.US pulled out of an initial agreement to buy $1.02 billion worth of Voyager assets, with the cryptocurrency exchange blaming a “hostile and uncertain regulatory environment in the US” for the abandonment.
Fortunately, Voyager's restructuring plan includes a “switchover option” that would allow the company to self-liquidate following Binance.US' decision to withdraw from trading. This allows bankruptcy brokers to distribute cash and cryptocurrencies to clients directly through the Voyager platform. The UCC was disappointed by Binance.US' move and said it would investigate potential claims against the cryptocurrency exchange because it changed its mind at the last minute.
Notably, Voyager must now file for liquidation in the US Bankruptcy Court for the Southern District of New York. The parties have 10 days to challenge the liquidation process, according to the commission. If no objections are raised within the next 10 days, the Voyager ger ger program will "come into effect", the UCC explained. However, if an objection is filed, the court will hold a hearing to consider the objection before the liquidation plan is passed.
Of the 61,300 Voyager customers who voted on the court's restructuring plan, an overwhelming majority (97%) voted in favor, even though voters at the time believed Binance.US would acquire stranded assets.
