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Voyager Digital Announces $1.33 Billion Recovery Plan

Voyager Digital reveals a comprehensive recovery plan to return $1.33 billion in assets following its bankruptcy filing, with funds expected from cryptocurrency holdings.
Published on 2023-05-09

Overview of Voyager Digital's Recovery Plan

Voyager Digital, a cryptocurrency broker that declared bankruptcy in July 2022, has proposed a $1.33 billion recovery plan. This strategy involves liquidating assets and distributing the proceeds to creditors. The plan has been positively received by the crypto community, with many creditors hopeful for reimbursement soon.

Asset Breakdown

Voyager's on-chain balance includes significant cryptocurrency holdings. The firm holds $141 million in stablecoin, $90 million in Ethereum (ETH), and $9 million in Voyager Token (VGX). Additionally, it has $60 million in various altcoins, including $28 million in the meme coin Shiba Inu (SHIB). The company also possesses approximately $569 million in cash via Circle's USDC issuer.

Additional Funds and Challenges

The remaining balance of $461 million is anticipated from a mix of cash and other cryptocurrencies such as Bitcoin (BTC), Cosmos (ATOM), Algorand (ALGO), Dogecoin (DOGE), Internet Computer (ICP), Polkadot (DOT), and Cardano (ADA). The approval of the bankruptcy court is required for the plan's execution.

Binance.US Deal Termination

In a notable development, Binance.US recently withdrew from an agreement to acquire Voyager Digital Holdings Ltd. This decision followed the cessation of federal regulators' attempts to block the deal. Binance cited the challenging and unpredictable regulatory environment in the United States as a reason for their withdrawal.

Voyager's recovery plan marks a significant step for the firm and its creditors, as it aims to restore funds and stability amidst the ongoing challenges in the crypto market.

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