The sale of Voyager Digital has received preliminary approval by the courts thus clearing the way for Binance.US to acquire the assets of the bankrupt firm.
Revealed last month, Binance.US announced the agreement for it to acquire Voyagers assets for approximately $1 billion. Binance.US’ bid provided a path forward for Voyager customers’ funds to gain access to their funds, and return to them in the form of the cryptocurrencies previously held in their Voyager accounts.
Voyager fell prey to the crypto contagion that has been pummeling the digital asset market. Voyager had provided a loan to Three Arrows Capital (3AC), a crypto hedge fund based in Dubai. When 3AC went bust due to risky investments, it defaulted on a $650 million loan from Voyager. Voyager filed for bankruptcy protection last July.
At one point, FTX stepped in and offered to purchase Voyager at approximately $1.422 billion but the collapse of FTX demolished the lifeline.
A report by Reuters claims that clients should be able to gain access to their funds by July. Unfortunately, this may include a significant hair cut with customers recaputring just 51% of their funds.
The sale will become final once a future court hearing gives final approval.