Voyager Digital has announced notable advancements in its post-bankruptcy plan to repay creditors. The business has secured approximately $484.35 million through settlements with FTX, Three Arrows Capital (3AC), and D&O insurance claims. This substantial sum marks a significant milestone in Voyager’s financial revival and creditor compensation process.
Voyager Recovery Effort
Voyager Digital’s recovery process involves various methods and legal actions. The largest portion of this recovery, around $450 million, stems from an arrangement with cryptocurrency exchange FTX. This settlement, including accrued interest, corresponds to about a quarter of the total claims by Voyager’s creditors and is anticipated to be distributed soon.
An significant portion of the funds being recovered in lawsuits against Three Arrows Capital (3AC) totals approximately $675 million.
Voyager has received $20.43 million from the sale of its assets so far, and is anticipating more payments as the remaining assets are liquidated and insurance recoveries come in. Additionally, a mediation settlement with the D&O Insurance guarantees at least $14.35 million for the creditors, boosting their financial resources.
Addressing Operational Challenges
During Voyager’s financial restoration journey, the company faces various operational issues. One such issue is dealing with a large backlog of uncashed checks. Approximately 270,000 checks, totaling around $17 million, remain uncashed, most under $25 in value.
By April 20, 2024, Voyager will consider any unclaimed checks invalid, marking a forward-thinking solution to dealing with this logistical issue.
The data breach at the company has added to its woes by exposing creditor information. As a result, we’ve brought in outside cybersecurity professionals to find the cause and extent of the breach, as well as quickly fix any related weaknesses.
ASIC to Appeal Dismissal of Case against Finder’s Crypto Asset Product
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD PHP PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD ZAR PREDICTION
- USD COP PREDICTION
- CAKE PREDICTION. CAKE cryptocurrency
2024-04-11 03:40