As a seasoned crypto investor with a few scars from the market’s volatility, I can’t help but feel a mix of relief and apprehension regarding the recent bankruptcy settlement between FTX and Voyager Digital. I’ve personally experienced the gut-wrenching feeling of watching my investments plummet in value due to unforeseen events, like exchange insolvencies or regulatory crackdowns.
As a financial analyst, I’m pleased to report that Delaware Bankruptcy Judge John Dorsey has reached an accord for a $450 million settlement between the defunct cryptocurrency exchange FTX and the insolvent crypto brokerage Voyager Digital. This agreement was formally approved on Monday, 29th of April.
The creditors of Voyager will benefit from this payback, which is one of several debts the company has managed to settle since its bankruptcy filing in July 2022.
Under the terms of the contract, Voyager will be able to access $4.5 million from the escrow account and an additional $445 million from the lawsuit winnings against Alameda Research, which is linked to FTX’s cryptocurrency trading business. Consequently, FTX relinquishes all rights and claims to these funds.
The firm is additionally filing lawsuits against entities like Three Arrows Capital of the corporation, alleging fraud. Proposed by Voyager, this strategy aims to reimburse clients completely, subtracting only the debts they owe to the company.
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2024-04-30 00:36