Voyager Digital’s Bankruptcy Woes Threaten $1B Asset Rescue
On Tuesday, Voyager Digital announced on Twitter that the majority of its credit claimants had approved the Chapter 11 bankruptcy plan.
Stretto, the bankruptcy administration company, counted the votes and reported that 59,183 individuals had backed the restructuring proposal, representing 98% of the claimants. More information about the bankruptcy case will be revealed at the hearing on Thursday.
The bankruptcy filing revealed that 65% of the claim holders in the voting classes and 85% of the claim holders in the non-voting classes had selected the Release Opt-In.
In December 2022, Binance.US made the highest offer for Voyager Digital’s assets, with an approximate value of $1.022 billion. The deal has a deadline of April 18, 2023, which can be extended by one month. However, regulators have objected to the acquisition, citing potential violations of US securities law.
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Voyager has been selling its assets amid legal battles. According to Lookonchain’s analysis of on-chain data, the defunct crypto lender has been trading its assets through Coinbase Exchange, receiving at least $100 million in USD Coin in the past week.
Before Binance.US, FTX US had sought to acquire Voyager Digital for around $1.5 billion, but a legal dispute has arisen between the two parties.
FTX has sued Voyager Digital for $445.8 million in loan repayments, and Voyager Digital’s unsecured creditors have subpoenaed former FTX CEO Sam Bankman-Fried and other top executives of the bankrupt exchange.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
