A committee of Voyager Digital creditors has stated that funds that have been left on the platform may start to be returned to creditors in “the next few weeks.”
The Voyager Official Committee of Unsecured Creditors (UCC) tweeted on May 4 that the collapsed cryptocurrency business was nearing the end of the bankruptcy liquidation procedure. Initial distributions are anticipated to start in the following few weeks, the UCC “hopes.”
The UCC’s update came 10 days after Binance US withdrew from its initial agreement to buy $1.02 billion worth of Voyager’s assets. The cryptocurrency exchange cited “the hostile and uncertain regulatory climate in the United States” as the basis for its withdrawal.
Voyager’s restructuring strategy, luckily includes a “toggle option” that lets the business seek self-liquidation when Binance.US decides to end the deal. Insolvent brokers may now provide customers with direct access to the Voyager platform so they can dispense money in cash and cryptocurrencies.
The Binance.US move shocked the UCC, which stated that it will investigate any potential legal claims brought against the cryptocurrency exchange for its last-minute change of heart.
97% of the 61,300 Voyager users who cast voted on the court’s restructuring proposal were in favor, even though at the time of the voting, voters thought Binance.US would buy the stranded assets.