Voyager Proposes Customers to Receive Funds Pro-Rata to its Crypto Holdings, Proceeds from 3AC, Shares, and VGX Token

Summary:

• Voyager Digital has updated connected the presumption of its customer’s USD and crypto.
• The crypto lending level emphasizes that customers’ USD deposits are safe.
• Voyager states it has astir $1.3 cardinal worthy of crypto assets and $650 cardinal successful claims against Three Arrows Capital.
• The squad has projected a reorganization program wherever its customers volition person their pro-rata stock of the crypto, proceeds from 3AC recovery, communal shares successful the recently reorganized company, and shares of existing Voyager tokens.

The squad astatine Voyager Digital has provided an update connected the presumption of customers’ USD and crypto held astatine the lending platform.

All USD Deposits Belonging to Customers Will Go Back to the Same Customers.

According to the squad astatine Voyager, each the USD deposits held connected the level belonging to its customers volition beryllium returned erstwhile reconciliation and fraud prevention is carried out.

The squad besides explains that each its customers’ USD is held ‘in a peculiar benignant of slope relationship called a For Benefit of Customers (“FBO”) relationship astatine Metropolitan Commercial Bank of New York (“MCB”).’ In addition, the USD held successful the FBO relationship is adjacent to the magnitude of USD successful its customers’ accounts.

The USD is FDIC Insured for Up to $250k Per customer.

Furthermore, each the USD successful customers’ currency accounts held astatine MCB is FDIC insured. Consequently, each lawsuit is covered up to a maximum of $250k.

Voyager Proposes a Pro-Rata Distribution of Crypto, 3AC Proceeds, and Shares.

The squad astatine Voyager besides declared that it presently holds astir $1.3 cardinal worthy of crypto positive $650 cardinal successful claims against Three Arrows Capital. As a result, it proposes a organisation of assets to its customers done a operation of the following, with each lawsuit having ‘the quality to prime the proportionality of crypto and communal equity they receive, taxable to definite maximum thresholds.’:

• Pro-rata stock of crypto
• Pro-rata stock of proceeds from the 3AC recovery
• Pro-rata stock of communal shares successful the recently reorganized company
• Pro-rata stock of existing Voyager tokens

USD and Crypto Distribution Plan is Subject to Change.

In the concluding conception of the update, the Voyager squad stresses that the projected organisation of assets to its customers is taxable to change. They state:

The program is taxable to change, dialog with customers, and yet a vote.

In Voyager’s case, customers are the superior creditors and volition person an accidental to ballot connected the projected Plan of Reorganization. We enactment unneurotic a restructuring program that would sphere lawsuit assets and supply the champion accidental to maximize value.

In addition, the Company is pursuing assorted strategical alternatives to measure the worth of the standalone institution compared with a third-party concern or sale.

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