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Binance.US is preparing to acquire the assets of Voyager Digital for $1 billion

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According to a new press release published On December 19, cryptocurrency exchange Binance.US will acquire the assets of bankrupt crypto lender Voyager Digital for $1.022 billion. After reviewing the strategic options, the company said that Binance.US represents “the highest and best offering for its assets.”

The offer of $1.022 billion consists of the fair market value of Voyager’s cryptocurrency portfolio at a date to be determined in the future, along with an additional consideration equal to $20 million of additional value.

The Company’s claims against Three Arrows Capital remain with the bankruptcy property, and any future recovery of these and other unreleased claims will be distributed to the property’s creditors. Binance.US’s bid aims to return cryptocurrencies to customers in kind, subject to court-approved expenses and platform capabilities. .”

The transaction is scheduled to close by April 18, 2023. Binance has agreed to deposit $10 million in good faith and will reimburse Voyager for certain expenses up to a maximum of $15 million. A hearing by the Principal Bankruptcy Court to approve the purchase agreement will take place on January 5, 2023. In addition, the sale is subject to a creditor vote and other customary closing conditions.

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Voyager paused withdrawals in July and filed for bankruptcy amid liquidity issues stemming from its exposure to a 650 million dollars for the default loan From the defunct hedge fund Three Arrows Capital. Cointelegraph Previously mentioned In October, cryptocurrency exchange FTX US secured an offer to buy Voyager’s assets for $1.4 billion. The earlier deal enabled major claims to be paid in full and allowed unsecured creditors to recover approximately 72% of their account value.