Voyager gets court approval to give $270 M back to the clients

  • Voyager digital has been permitted to refund $270 million
  • The amount was kept in Metropolitan Commercial Bank

According to an American daily newspaper, the Wall Street Journal, the troubled crypto landing platform, Voyager Digital, has been permitted to refund its client’s $270 million kept in Metropolitan Commercial Bank.

The report stated that Judge Michael Wiles, a bankruptcy judge in the U.S., directed that the company has shown a “sufficient basis” to permit its clients to admit their funds at the bank.

The platform had asked for the permission of the court to credit withdrawals for the benefit of the Customers’ (FBO) account with Metropolitan Bank. The bank had also filed a petition that backed the company’s appeal to credit these withdrawals.

Voyager got better acquisition proposals.

The company disclosed that it gained better acquisition offers than the one presented by a cryptocurrency exchange FTX. It also declared that approximately 88 parties had shown attentiveness in purchasing Voyager Digital and claimed that it is in operative arguments with more than 20 of them.

Moreover, the company said a lot of offers are “bigger and superior to AlmedaFTX’s offer.” Joshua Sussberg, the company’s counsel, apparently told the court that the proposal from FTX was the least the company had received.

There is no additional information about the other proposals.

FTX claimed that its proposal for the crypto lending company was best for its clients – a view foiled by the troubled company.

Additionally, Voyager mentioned the proposal of FTX as a low ball offer that only satisfies its own company and does not offer full worth for clients.

The company said it had sent a halt and suspension letter to AlmedaFTX for the wrong public declarations it has been making about the proposal.

Clients’ worries

Voyager Digital highlighted that its clients had expressed their worries through letters they have given to the court and social media platforms.

According to the platform, some of the problems have been about if the platform did fraud, cash withdrawals, and whether there are interested parties who want to buy the company.

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