Voyager

to liquidate its assets via an auction after facing

BANKRUPTCY

Voyager, a crypto lending platform, now bankrupt, has announced it will be selling its assets via an auction on September 13, 2022. The platform has received multiple bids from interested parties.

After the crypto market crash, several crypto firms, especially the lending and borrowing platforms were liquidated due to low crypto prices and failure to recover losses. Voyager faced the same fate.

Voyager filed for Chapter 11 bankruptcy protection on July 6 after pausing trading and withdrawals on its platform on July 1, 2022. Since then, it has visited the court several times to hear its case.

The auction is quite important for Voyager as the court will overview the auction and approve it on September 29, 2022. The liquidity could also unfreeze customers’ assets on the platform.

The auction will be held at the Moelis & Company in New York, which are the investment bankers of Voyager, and then the results will be shared with the court to make a decisive ruling.

According to Voyager’s filing on Aug 4, 88 parties are interested in buying assets from the platform. The names of the parties haven’t been shared and will remain confidential even during the auction.

The only interested parties that we know of are Binance and FTX who have openly expressed their intention to buy Voyager’s assets. FTX even sent an acquisition proposal that was rejected by the firm.

In the official announcement, Voyager has requested its customers to follow the guidelines of the claim process once the auction is completed to regain their frozen digital assets.

More details about the assets will be announced to customers once the auction is complete and the winning bid receives the assets.