Binance.US to acquire bankrupt Voyager’s assets for $1.02B News ▸ US ▸ Binance ▸ Bankruptcy
Binance.US to acquire bankrupt Voyager’s assets for $1.02B
The press statement revealed that the deal was subject to the bankruptcy court approval.
1 min read
Updated: Dec. 19, 2022 at 1:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance.US will buy assets of bankrupt crypto lender Voyager Digitals for $1.022 billion, according to a Dec. 19 press release.
According to the press statement, Voyager said Binance.US’ bid for its assets was the highest and the best offer. The firm added that the bid “sets a clear path forward for Voyager customer funds to be unlocked as soon as possible.”
The press statement revealed that the bankrupt lender’s crypto assets were valued at $1.002 billion, while there was an additional consideration of $20 million for incremental value.
Voyager said Binance.US would make a $10 million deposit to the crypto lender and reimburse the lender up to $15 million for its expenses.
“Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.”
Binance.US is expected to return Voyager customers’ crypto assets in kind.
Meanwhile, the deal is still subject to the Bankruptcy Court approval slated for Jan. 5, 2023.
Previously, Sam Bankman-Fried’s FTX won the bid for the bankrupt crypto lender assets. However, with SBF’s crypto empire collapsing, several crypto firms, including Binance.US and CrossTower, submitted a revised bid for Voyager’s assets.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.