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Binance.US to acquire bankrupt Voyager’s assets for $1.02B Binance.US to acquire bankrupt Voyager’s assets for $1.02B

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.

Binance.US to acquire bankrupt Voyager’s assets for $1.02B

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.

Posted In: , , Bankruptcy