.Binance and FTX_Official have made the leading bids of about $50 million for the assets of insolvent crypto lender Voyager Digital, according to the Wall Street Journal. By NelWang
A deal for Voyager could bring a relatively tidy end to one of the most harrowing tales from a terrible year for crypto.
After crypto prices sank, Voyager in early July barred customers from withdrawing their money. Its clients then became company creditors in bankruptcy court, forced to get in line with sophisticated restructuring lawyers and financiers as novice participants in a potentially laborious process to get their funds back. Unlike a conventional bank, Voyager’s failure didn’t triggerthat makes most bank customers whole – which apparently surprised some Voyager users.
A purchase wouldn’t end Voyager’s Chapter 11 case. U.S. bankruptcy law, however, gives leeway to sell assets so troubled companies can maximize how much money they can recover to pay their creditors.
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