Voyager Digital set to refund users with a $270 million fund

Voyager Digital
TL;DR Breakdown
  • Voyager Digital plans to refund users with a $270 million fund
  • The company refused a high-profile offer from AlamedaFTX
  • The platform will continue with its bankruptcy hearing

Voyager Digital has announced that it plans to return over $270 million belonging to users in the company’s confines. According to the crypto lending firm, it had seen offers better off than the one AlamedaFTX proposed some weeks ago. Notably, this new update is contrary to the previous statements by the company. With this, the firm will refund users their funds as directed by the presiding judge overseeing its bankruptcy case.

The company refused the offer from AlamedaFTX

According to the firm’s statement on Thursday, it is presently talking to more than 80 parties interested in taking over the activities of the firm. It also added that of the number, about 20 firms actively follow up on their takeover claims. Voyager Digital also claimed that one of the most notable bids had been received from top companies FTX and Alameda.

In the details, Alameda claimed that it would purchase all the assets owned by the company while adding outstanding loans. However, it further claimed that once this is done, it will liquidate the assets and distribute them using the popular crypto exchange, FTX. Notably, Alameda has refused to purchase the massive debt the company owes Three Arrows Capital.

Voyager Digital will continue with its bankruptcy hearing

Voyager Digital said it had to decline the offer because it did not provide an excellent value to all its customers whose funds were held on the platform. The company also mentioned that opposed to what the media was peddling, the offer from AlamedaFTX was not the most lucrative as other offers were still on the table. Voyager Digital also claimed that it has already applied for a cease and desist order sent to Alameda regarding its malicious claims in the market.

In a glimmer of hope, the presiding judge also okayed the firm to return over $270 million funds to its users. In a report from a media house, it said that the company argued a motion that would see its users claim the funds that are in an account in a top bank in the country. The company had funds in the account before the proceeding began, frozen when they declared bankruptcy. The firm’s CEO claimed that it is one thing that the company would like to get out of the way before it continues with the proceedings.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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