Voyager Digital obtained a total of $484.35 million from their insurance policy, FTX, and 3AC towards a settlement. This significant financial boost is part of their strategy to repay their debts to creditors following their bankruptcy declaration in July 2022.
Approximately half the $450m was contributed by FTX’s case. This allows creditors to recoup around a quarter of their original claims. Additionally, Voyager gained a creditor claim worth $675m with an initial distribution amounting to $20.43m. Notably, during D&O mediation, creditors received $14.35m.
Despite this, Voyager encounters hurdles. They hold approximately 270,000 uncashed checks, equivalent to a $17 million backlog. The cut-off date for cashing them is set for April 20th. Notably, the same financial institution is currently probing a data breach incident that compromised the confidential creditor information of third parties.
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2024-04-12 01:56