A US court has approved the first step of a deal that would see cryptocurrency exchange FTX buy the assets of troubled digital asset lender Voyager for $1.4 billion.
in a new company Blog postVoyager says the court has agreed to enter into a $1.42 billion agreement with FTX that will see the cryptocurrency exchange acquire its virtual assets.
The FTX proposal includes the fair market value of all Voyager’s digital assets as of September 26, with a combined value of $1.31 billion, plus $111 million earmarked for reimbursing creditors.
Voyager is now asking customers to vote on its “plan,” which it says will further the financial recovery of the crypto lender’s creditors.
“Voyager and its subsidiaries believe that a sale to FTX US is in the best interest of all stakeholders and, ultimately, is the best possible — and only viable — deal available.
As such, Voyager and its affiliate debtors urge you to submit the ballot in a correct and timely manner, before the deadline of November 29, with a vote to accept the Plan.”
According to Voyager, only customers who successfully migrate to FTX are eligible to receive crypto assets backed by the exchange as compensation while those who choose not to receive cash.
“Value can be returned to customers through a combination of in-kind cryptocurrency, USDC.” [USD Coin]US dollars, depending on the nature of the customer’s claims, whether and when customers move to FTX US, and the specific currencies supported on the FTX US platform.
Only customers who move to FTX US will be eligible to receive cryptocurrency as part of their distribution plan — customers who don’t move to FTX US will receive their cash distributions from Voyager bankruptcy properties.”
FTX, owned by billionaire Sam Bankman-Fried, has outstripped fellow crypto exchange Binance in a bidding war over shopping The bankrupt cryptocurrency lender earlier this month.
Just days ago, it was announced that Texas financial regulators will be Investigation FTX for allegedly selling unregistered securities.
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