• 06 December, 2024
News

Auction Sale to Be Held for Voyager Assets Next Week

Auction Sale to Be Held for Voyager Assets Next Week

According to a court filing that was submitted on Tuesday, insolvent cryptocurrency lender Voyager Digital has scheduled an auction for the remaining assets on September 13, as it continues the process of applying for Chapter 11 bankruptcy protection.

The date of the auction has been set in the past for August 29. In order for an auction to take place, it is necessary for a number of different parties to express an interest in the purchase of Voyager Digital’s assets. Moelis & Company, which serves as Voyager’s investment bankers, will host the auction at their New York City headquarters.

The fact that Voyager held an auction indicates that it received more than one offer of significant value for its assets. The first step for customers to take in the process of recovering their assets that were locked on the brokerage’s platform would be the finalization of the best bidder.

Although the lender has not revealed the identities of the parties who have shown interest, Sam Bankman-Fried submitted a combined bid via Alameda Ventures and FTX before the end of July. That offer was promptly turned down by Voyager, which characterized it as a bare minimum offer disguised as a rescue by a white knight. Binance, the largest cryptocurrency platform in the world by market capitalization, has also shown interest in the controversial lender.

Additionally, Voyager has attempted to withdraw customer funds. It received court approval to repay $270 million to clients last month.

On July 1, trading, deposits, withdrawals, and loyalty incentives were all ceased by Voyager. On July 5, the company declared that it would be entering Chapter 11 restructuring, which is a type of bankruptcy, with more than one billion dollars owed to creditors.

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