Crypto lender Voyager Digital has been approved to liquidate its assets after filing for bankruptcy protection last July due to volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital. Customers will only recover about 35% of their cryptocurrency deposits as the company winds down its operations after a failed buyout attempt by crypto exchange Binance.US. Voyager’s bankruptcy case was complicated by two failed sale attempts during the bankruptcy process. The company intends to repay customers with the same type of cryptocurrency that they had in their accounts, but for deposits held in unsupported cryptocurrencies and for Voyager’s proprietary VGX token, Voyager will instead repay customers using the Circle’s stablecoin USDC.
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Voyager Digital's Bankruptcy Plan Approved by U.S. Judge, Customers to Recover Only 35% of Cryptocurrency Deposits
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