Voyager Digital to be Sold to Binance.US for $1.022 Billion

-Voyager Digital Ltd. has agreed to sell its assets to Binance.US for $1.022 billion.
-The deal is intended to benefit creditors and return cryptocurrency to customers quickly.
-A bankruptcy court approval process is scheduled for January 5, 2023.

Voyager Digital Ltd. has released a statement announcing a deal with Binance.US, an American licensed entity independent of Binance international, that will see the purchase of the failed cryptocurrency firm’s assets for a total of $1.022 billion. The primary goal of the transaction is to maximize the value returned to customers and other creditors on an expedited timeframe.

The news comes after Voyager Digital initiated restructuring processes back in July 2022, after they had loaned 15,250 BTC and $350 million USDC to Three Arrows Capital, which eventually filed for bankruptcy due to the LUNA/Terra collapse. It was also discovered that Voyager Digital had loaned $376 million to the now bankrupt Alameda Research fund, owned by FTX exchange co-founder Sam Bankman-Fried.

A bid for bankruptcy court approval of the asset buyout will take place on January 5, 2023. According to the press release, Binance.US aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities. Furthermore, the firm will make a $10 million good-faith deposit at the outset of the deal. Should the deal not close by April of 2023, the agreement allows Voyager to begin returning value to customers.

The details of the agreement come as a welcome surprise for creditors and customers alike, who can rest assured that their funds will be returned in a timely manner. Binance.US’s acquisition of the assets marks a new chapter for Voyager Digital and provides hope for a more secure future for all involved.