Voyager Digital was a

cryptocurrency A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership record ...

brokerage company.

History

In June 2022, Voyager Digital announced that Three Arrows Capital had not repaid loans totaling $666 Million. On July 1, the company suspended “trading, deposits, withdrawals and loyalty rewards” and subsequently on July 5, the company filed for Chapter 11 bankruptcy protection. Later in July, the Federal Reserve and the FDIC in a joint letter ordered the company to cease and desist from making false and misleading statements. In August, the company received approval from a judge to return $270 million in customer cash, which was locked up after the company’s bankruptcy filing in July. The money accounted for only a small portion of total investor funds. In September,

Binance Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading ...

and

FTX FTX Trading Ltd., trading as FTX (Futures Exchange), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 by Sam Bankman-Fried and Gary Wang and collapsed in 2022 after ...

both made nearly $50 million bids for the company. FTX would win the auction with a nearly $50 million bid. In November, FTX filed for bankruptcy and Voyager Digital had to find a new buyer. A major investor in Voyager said that the collapse of FTX puts into jeopardy the company's bailout, with $1.3 billion of investor assets threatened. Following the

bankruptcy of FTX The bankruptcy of FTX, a Bahamas-based cryptocurrency exchange, began in November 2022. The collapse of FTX, caused by a spike in customer withdrawals that exposed an $8 billion hole in FTX's accounts, served as the impetus for its bankruptcy. ...

, the US subsidiary of Binance won the bid to buy the assets of Voyager for approximately $1 billion in December 2022. The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance US's proposed $1 billion acquisition of bankrupt cryptocurrency lender Voyager Digital, a bankruptcy court filing showed in January 2023.

References

{{reflist

External links

Official website
Companies that filed for Chapter 11 bankruptcy in 2022