By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoXTimesCryptoXTimes
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Notification Show More
Font ResizerAa
CryptoXTimesCryptoXTimes
Font ResizerAa
  • Home
  • News
  • Cryptocurrency
  • Advertise
  • Contact Us
Search
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Have an existing account? Sign In
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
CryptoXTimes > Article > Exchange News > FTX Boosts Voyager’s $480M Bankruptcy Recovery
Exchange NewsNews

FTX Boosts Voyager’s $480M Bankruptcy Recovery

FTX sparks Voyager Digital's $484M bankruptcy recovery breakthrough.

Nayab Fatima
Last updated: April 11, 2024 11:58 am
Nayab Fatima 1 year ago
Share
FTX Boosts Voyager's $480M Bankruptcy Recovery

Voyager Digital, a company that was once having trouble and is now going through bankruptcy, announced an incredible financial victory: it had recovered an amazing $484.35 million from settlements with well-known companies FTX, Three Arrows Capital (3AC), and Directors and Officers (D&O) insurance.

In a full report given to the US Bankruptcy Court for the Southern District of New York on April 10, Voyager said that it had made this big recovery as part of its plan to give assets back to creditors after the company went bankrupt. 

FTX Sparks $450M Recovery

The deal with FTX is where most of the funds that Voyager got back—about $450 million—mostly comes from. This is a significant 25% of Voyager’s original creditor claims. There are plans to give the funds to different people soon.

Voyager has also won a claim of about $675 million in its ongoing legal proceedings with Three Arrows Capital. The company’s share of the initial distribution is $20.43 million.

A separate mediation involving D&O insurance is likely to give at least $14.35 million to Voyager’s creditors. This is another step toward helping the company’s stakeholders with their financial problems. 

Despite these changes, Voyager is having trouble with logistics, especially when it comes to the 270,000 uncashed checks worth a total of $17 million, with many of them worth less than $25. The company has given you until April 20, 2024, to cash these checks. If you don’t, they will be considered lost and void.

Voyager is also dealing with the effects of a data breach. Investigations are still going on to find out where the breach came from and what all the effects are. This makes the bankruptcy procedures more complicated. 

In July 2022, during the crypto credit crisis as a whole, Voyager started to go bankrupt, which led to its Chapter 11 filing. After Binance pulled out, the court accepted Voyager’s plan to file for bankruptcy on May 17, 2023.US plans to buy assets from Voyager for $1 billion on April 25.

Also, in October 2023, the Commodity Futures Trading Commission (CFTC) charged Voyager’s co-founder Stephen Ehrlich with fraud and failing to register with the agency. The CFTC said Ehrlich and Voyager lied to clients about the firm’s financial stability as it was about to fail.

When Voyager filed for bankruptcy, it said it owed between $1 billion and $10 billion, which shows how bad its financial situation was and why it needed bankruptcy protection.

You Might Also Like

PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy

Telegram Integrates Elon Musk’s Grok AI in $300M Deal

Berachain Transactions Tumble, Fee Revenues Cut In Half

Trump Media Launches $2.5B Crypto Investment Strategy

$BONK Surges 4% as Breakout Above $0.000021 Nears

TAGGED: CFTC, Crypto, FTX
Previous Article US Treasury Targets Foreign Crypto Exchanges Over Illicit Activity Concerns US Treasury Targets Foreign Crypto Exchanges Over Illicit Activity Concerns
Next Article GBTC ETF Outflows Plummet Amid Bitcoin Halving Buzz GBTC ETF Outflows Plummet Amid Bitcoin Halving Buzz
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
TwitterFollow
TelegramFollow
LinkedInFollow

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
Iceland PM Shifts Energy from Bitcoin to Agriculture
Iceland PM Shifts Energy from Bitcoin to Agriculture
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch

You Might Also Like

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz
Altcoin NewsNews

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz

By Muhammad Ali 1 month ago
MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension
CryptoNews

MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension

By Haider Ali 1 month ago
XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments
NewsCrypto

XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments

By Nayab Fatima 4 months ago
Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets
NewsCrypto

Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets

By Rubab Fatima 4 months ago
CryptoXTimesCryptoXTimes
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
  • About Us
  • Careers
  • Privacy Policy
  • Risk Disclaimer
Welcome Back!

Sign in to your account

Lost your password?