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Voyager Digital Provides Update on Reimbursement Plan for Creditors – Bitcoin News

May 6, 2023
in Crypto Updates
Reading Time: 4 mins read
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Voyager Digital Provides Update on Reimbursement Plan for Creditors

Following Binance’s withdrawal from the Voyager Digital deal on April 25, the now-defunct crypto lender has just lately knowledgeable collectors that they will anticipate to obtain their preliminary money and crypto distributions “inside the subsequent few weeks.” This replace comes 9 days after Binance’s choice to again away from the deal.

Voyager Digital Expects Preliminary Distributions to Collectors ‘Inside the Subsequent Few Weeks’

Voyager Digital has revealed an replace for collectors. In response to a tweet from the agency on Could 4, 2023, they are able to anticipate some money or crypto again “in a couple of weeks.” This replace comes after a protracted and troublesome journey for the TSX-listed crypto lender. Final 12 months on July 1, 2022, Voyager Digital halted withdrawals and filed for chapter simply days later. Since then, the defunct enterprise has been navigating the chapter course of after it was nearly acquired by Binance US.

After Binance US backed out of the deal, the crypto lender has been left to navigate the chapter course of within the Southern District of New York as a way to reimburse collectors. However regardless of the challenges, Voyager Digital says it’s making progress. Within the tweet on Thursday, the agency defined that they’re “within the means of finalizing liquidation procedures.” Voyager additionally reminded collectors that the liquidation procedures have to be filed earlier than the plan can go into impact.

Whereas Voyager is transferring ahead with their plan to reimburse collectors, there’s nonetheless an opportunity for objections. In response to the agency, events could have ten full days to object to the plan. If no objections are filed, Voyager intends to go “efficient” with the plan at the moment. Nevertheless, if an objection is filed, the court docket will maintain a listening to to think about the objection earlier than the plan can go into impact. The plan had a clause that defined what would occur if the Binance US deal fell by way of, which allowed Voyager to start liquidating belongings.

The corporate acknowledged on Thursday:

Voyager can be finalizing all the pieces internally that’s essential to make distributions to collectors. We’re hopeful that preliminary distributions will start inside the subsequent few weeks.

The information of Voyager Digital’s plan to reimburse collectors has been met with combined reactions. Whereas many purchasers are happy with the progress, others are feeling annoyed. One individual responded that prospects wished their belongings “final August and July.” One other particular person burdened on Twitter, “Hurry up!” And one more individual added, “Nobody, I repeat nobody, file an objection! Okay!”

Tags on this story

Property, chapter course of, Binance.us, collectors, Crypto lender, preliminary distributions, liquidation procedures, combined reactions, objections, progress, reimbursement plan, Voyager Digital

What are your ideas on Voyager Digital’s plan to reimburse collectors? Do you assume they’re making progress, or do you’re feeling annoyed by the delays? Share your opinions within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 7,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising at present.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, mundissima / Shutterstock.com

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any harm or loss brought on or alleged to be attributable to or in reference to using or reliance on any content material, items or providers talked about on this article.

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