Binance.US to acquire bankrupt Voyager's assets for $1 billion
Voyager announced that Binance.US emerged "as the highest and best bid" for the assets of the now-bankrupt company.
Binance's US arm, Binance.US, has emerged as "the highest and best bid" for the assets of bankrupt Voyager.
The total comes to about $1.022 billion, which includes Voyager's crypto portfolio (with an estimated value of $1.002 billion) and “additional consideration equal to $20 million of incremental value,” the announcement says.
Voyager was a crypto broker that offered high interest rates and trading in more than 50 different cryptocurrencies.
Today's announcement named Binance.US the winning bidder, but the deal won't be formally executed until the Bankruptcy Court approves Voyager's request to do so on January 5. In its bankruptcy filing, the company identified more than 100,000 creditors. With the Binance.US bid, creditors are now one step closer to getting some of their money back.
We hope our selection will bring an end to a painful bankruptcy process that unfairly dragged in customers through no fault of their own
tweeted Binance.US President and CEO Brian Schroder.
Our goal is simple: to return users their crypto on the fastest possible timeline
He also said that once the deal is completed, “Voyager users will finally be able to access their digital assets on the Binance.US platform.”
1/ Today, @BinanceUS was selected highest and best bid in Voyager’s reopened bankruptcy asset auction. Once the deal is completed, Voyager users will finally be able to access their digital assets on the https://t.co/Wc26vMosC4 platform.
— Brian Shroder (@BrianShroder) December 19, 2022
Read: https://t.co/gBK5m3kcYn
Voyager filed for bankruptcy in July, citing its exposure to Three Arrows Capital (3AC), and joined a long list of crypto companies that collapsed earlier this year. The catalyst for the wave of bankruptcies was the collapse of the Terra crypto project and its algorithmic stablecoin UST in May.
Before its implosion last month, crypto exchange FTX was also reportedly in the bidding war for Voyager's assets. In September, Voyager even issued a similar announcement naming FTX.US's bid as “the highest and best bid for its assets.”
However, the collapse of Sam Bankman-Fried's empire changed those plans.
“There will be no transaction with FTX, I think that's fairly obvious,” said Joshua Sussberg, Voyager's bankruptcy attorney.
Source: decrypt.co