Voyager Digital auctioning off remaining holdings as part of bankruptcy proceedings.
Voyager is bankrupt and will be auctioning off its remaining assets next week.
Those who are interested in what the company has to offer up have already submitted their offers in a timed auction. The deadline for making offers was September 6. The results of the auction will be given upon approval during a hearing held on September 29.
Sam Bankman-Fried’s FTX made an offer that was considered low-ball by lawyers of Voyager. Other buyers have remained anonymous at this time. There are 22 parties stated to be in meaningful discussions for the assets of the now troubled company. There are no indications how many of those parties submitted proposals by the deadline however.
Voyager has been diligent in finding ways to return some of the money its customers lost due to the bankruptcy. The company was approved to return $270 million to customers. There is also $1 billion in remaining funds to be distributed through the bankruptcy process. Users have been informed of the amounts and types of payments made to them in their wallets. Users can submit a claim if there is an issue as well.
The bankruptcy proceedings of Voyager have been going on since July 6 of this year when the company filed for Chapter 11. The company has suspended trading since July 1 and has liabilities over $10 billion. The demise of Voyager came swiftly after that of Three Arrows Capital as that company fell during the crash of Terra and the LUNA stablecoin. Three Arrows defaulted on a $661 million loan from Voyager. There are more companies that owe Voyager such as FTX which owed Voyager $377 million and had extended a $500 million line of credit to the company.
There were many companies affected by the fall of Three Arrows but none so much as Voyager no further information has been given by Voyager about future plans at this time.