Voyager Digital bankruptcy Binance

Binance to re-bid on bankrupt crypto lender Voyager: report

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Binance.US is preparing to re-bid for bankrupt lending platform Voyager Digital’s assets, according to a CoinDesk report, citing a person familiar with the plans. 

See related article: Binance and FTX lead bidding for bankrupt Voyager

Fast facts

  • Voyager Digital filed for Chapter 11 bankruptcy in July 2022 and had picked FTX.US to buy its assets for US$1.42 billion less than eight weeks ago. But the latter’s implosion has left the bankrupt crypto lender without a buyer. 
  • The world’s largest crypto exchange by volume, Binance’s American arm is preparing once again to bid for assets of beleaguered crypto lender Voyager Digital.
  • Voyager Digital had entered into a voluntary Chapter 11 restructuring process in July 2022. At the time, Stephen Ehrlich, chief executive officer of Voyager, said “comprehensive reorganization is the best way to protect assets on the platform and maximize value for all stakeholders, including customers.”
  • By September 2022, after a two-week auction process, FTX and Binance emerged as the highest bidders for Voyager Digital’s assets. On Sept. 26, Voyager Digital and the Voyager Official Committee of Unsecured Creditors (UCC) announced FTX US’s bid of US$1.42 billion was the best and highest bid for its assets.
  • But as FTX Group filed for bankruptcy, Voyager reopened the bidding process and said it is in active conversation with alternative bidders.
  • Voyager said FTX US put in a US$5 million “good faith” deposit which is in escrow and successfully recalled loans worth 6,500 BTC and 50,000 ETH from Alameda Research. The company said it has no outstanding loans with any borrowers but it maintained a balance of approximately US$3 million at FTX at the time of FTX Group’s bankruptcy filing.

See related article: Alameda Research to repay US$200 mln crypto loan to Voyager Digital



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