Voyager Digital, a crypto business that faced bankruptcy due to the Three Arrows Capital crisis in 2022, has achieved a significant milestone in its bankruptcy proceedings. The Voyager Official Committee of Unsecured Creditors (UCC) announced that the court had approved the company’s liquidation procedures. This development brings a glimmer of hope to the victims of Voyager’s downfall.
According to a recent tweet by the UCC, the bankruptcy judge overseeing the case has given the green light to Voyager’s plan to calculate customer reimbursements. Starting on June 1, 2023, users of the platform will receive approximately 35% of their crypto deposits. The committee promised to share further updates, as they became available.
The collapse of the proposed $1 billion acquisition deal by Binance. The US, the US-based subsidiary of the largest crypto exchange, added to the challenges faced by Voyager. The deal fell because of regulatory uncertainties in the country. As a result, a company’s efforts to fulfill its promise of compensating its creditors have become even more challenging.
Voyager’s recent announcement has garnered mixed reactions on social media, with affected users expressing dissatisfaction with the situation. As of now, Voyager’s native token, VGX, is trading at $0.151963, reflecting a 1.0% increase over the past 24 hours. However, when considering the bigger picture, VGX plummeted by over 98% from its all-time high of $12.47 in 2018. The token’s 24-hour trading volume is $8,697,002, and it currently holds the 459th position in terms of market capitalization, according to CoinGecko.