Voyager Digital

Voyager Digital was a cryptocurrency brokerage company.

Voyager Digital
TypePrivate
IndustryHedge Fund
Founded2018 (2018)
DefunctJuly 5, 2022 (2022-07-05)
FateLiquidation
HeadquartersSteve's man hole
Websitewww.investvoyager.com

History

In June 2022, Voyager Digital announced that Three Arrows Capital had not repaid loans totaling $666 Million.[1]

On July 1, the company suspended “trading, deposits, withdrawals and loyalty rewards”[2] and subsequently on July 5, the company filed for Chapter 11 bankruptcy protection.[3]

Later in July, the Federal Reserve and the FDIC in a joint letter ordered the company to cease and desist from making false and misleading statements.[4]

In August, the company received approval from a judge to return $270 million in customer cash, which was locked up after the company’s bankruptcy filing in July. The money accounted for only a small portion of total investor funds.[5]

In September, Binance and FTX both made nearly $50 million bids for the company.[6] FTX would win the auction with a nearly $50 million bid.[7][8] In November, FTX filed for bankruptcy and Voyager Digital had to find a new buyer.[9] A major investor in Voyager said that the collapse of FTX puts into jeopardy the company's bailout, with $1.3 billion of investor assets threatened.[10] Following the bankruptcy of FTX, the US subsidiary of Binance won the bid to buy the assets of Voyager for approximately $1 billion in December 2022.[11] The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance US's proposed $1 billion acquisition of bankrupt cryptocurrency lender Voyager Digital, a bankruptcy court filing showed in January 2023.

References
  1. Huang, Vicky Ge (22 June 2022). "Crypto Broker Voyager Digital Says Three Arrows Capital Hasn't Repaid $666 Million in Loans". Wall Street Journal. Retrieved 15 March 2023.
  2. Huang, Vicky Ge (1 July 2022). "Crypto Broker Voyager Digital Suspends Withdrawals". Wall Street Journal. Retrieved 15 March 2023.
  3. Brown, Eliot; Wang, Yifan (6 July 2022). "Crypto Broker Voyager Digital Files for Bankruptcy Protection". Wall Street Journal. Retrieved 15 March 2023.
  4. Ackerman, Andrew. "Bankrupt Crypto Brokerage Voyager Ordered to Cease False Promises About U.S. Banking Insurance". WSJ.
  5. Biswas, Soma (5 August 2022). "Voyager Digital Is Cleared to Return $270 Million to Customers". Wall Street Journal – via www.wsj.com.
  6. Vigna, Paul. "Binance and FTX Make Top Bids for Bankrupt Lender Voyager". WSJ.
  7. Sebastian, Dave; Huang, Vicky Ge. "FTX Wins Auction for Bankrupt Crypto Broker Voyager Digital's Assets". WSJ.
  8. "Crypto Firm Voyager Digital's Bankruptcy Plan Gets Court Hearing This Afternoon". WSJ.
  9. Biswas, Soma (12 November 2022). "Bankrupt Voyager Digital Looks for New Buyer After FTX Goes Under". Wall Street Journal – via www.wsj.com.
  10. Joyner, April. "A Voyager investor says the FTX meltdown puts the bankrupt crypto lender's bailout in jeopardy, with $1.3 billion of customer assets on the line". Business Insider.
  11. Ge Huang, Vicky; Ostroff, Caitlin (19 December 2022). "Binance.US to Buy Assets of Bankrupt Crypto Lender Voyager, Eyes More Acquisitions". The Wall Street Journal.

Official website

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