- The New York Court approved Voyager’s asset buy-out agreement with FTX US.
- Voyager encourages its creditors to vote yes on the deal.
- Creditors are expected to vote in advance of the November 29 deadline.
Judge Michael Wiles, a New York bankruptcy judge, signed Voyager’s $1.4 billion Plan to sell its assets to FTX on Wednesday, urging customers and creditors to “vote in favor of the Plan.” Through this deal, customers are expected to recover 72% of their frozen assets.
In early July, the crypto broker Voyager Digital filed for Chapter 11 bankruptcy after freezing their user’s and creditors’ assets. In late September, FTX won the bid against crypto exchanges Binance and CrossTower to acquire Voyager Digital.
In light of the recent court decision, the bankrupted firm encourages its users to vote yes on the FTX acquisition. Those who participate in the election process will be entitled to receive payouts in crypto. On the other hand, users who wish not to participate in this voting will receive cash from the Voyager estate.
According to the announcement post, the initial distribution will be determined based on a 20-day historical price average at a future point in time. Therefore, the sum of crypto that customers will receive will vary based on future crypto market prices. The deal also allows Voyager users to unlock their remaining assets on the FTX platform by creating new FTX accounts but FTX doesn’t support the VGX token, Voyager’s reward token.
Meanwhile, Voyager’s tweet has received mixed opinions coming from its users. Some users expect to receive around 30% to 50% are happy with the deal. Others felt the agreement has “something fishy” going on, indicating that it will be passed “pretty easily” because most investors just want their holdings back.
