Binance.US to Acquire Voyager’s Assets for Over $1B Following FTX’s Collapse

crypto assets

Bankrupt cryptocurrency lender Voyager Digital has agreed to sell its assets to Binance’s United States arm Binance.US for roughly $1.022 billion following the collapse of cryptocurrency exchange FTX.

Previously, the lender secured courtĀ approval to sell its assets to FTX US at approximately $1.4 billion, but as a result of the latter’s Chapter 11 filing, the deal was terminated, and the bidding process was reopened.

Voyager Agrees to Sell Its Assets to Binance.US

Per the latest development, Voyager said it has now selected Binance.US as the highest and best bid for its assets after a “review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”

Voyager says the Binance.US bid sets a “clear path forward” for its customer funds to be “unlocked as soon as possible.”

Details of Voyager-Binance.US Deal

According to the lender, the bid, estimated to be $1.022 billion at current market prices, comprises a fair market value of all Voyager crypto assets at a to-be-determined date in the future. The deal also includes an additional consideration of $20 million of incremental value.

Furthermore, Binance.US will make a $10 million good faith deposit and will reimburse the crypto lender for certain expenses up to $15 million.

The crypto lending firm will seek bankruptcy court approval to enter into the asset purchase agreement with Binance.US at a hearing on January 5, 2023.

“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” Voyager said.

Claims Against 3AC to Remains With Bankruptcy Estate

Voyager filed for Chapter 11 bankruptcy protection in July after facing a liquidity crisis due to the bear market and its inability to recover its $650 million claim against the now-bankrupt crypto hedge fund Three Arrows Capital (3AC).

In today’s announcement, Voyager said the claims against 3AC will remain with the bankruptcy estate, and any recoveries on it will be distributed to the estate’s creditors.

Meanwhile, following the latest announcement, VGX, Voyager’s native token, rose sharply more than 30% on the day and was trading at $0.389. On the other hand, Binance’s native token, BNB only saw a 1% rise and was trading at $250.

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