Voyager Digital, a cryptocurrency firm that filed for bankruptcy in July 2022, has made significant strides in repaying its creditors. The company has managed to secure a total of $484 million, with the majority of the funds coming from a settlement with the now-defunct crypto exchange FTX, amounting to around $450 million.
In addition to the settlement with FTX, Voyager also received $14.35 million from a settlement in the Directors and Officers insurance mediation. Furthermore, as a member of the Three Arrows Capital creditors’ committee, Voyager expects to receive an initial $20.43 million from the fund’s litigation process, out of a total claim pool of approximately $675 million.
Despite facing operational challenges, such as managing 270,000 uncashed checks totaling $17 million, Voyager remains committed to meeting its obligations to creditors. The company has set an April 20 deadline for cashing these checks.
Voyager’s restructuring plan, which was approved in May 2023, promises customers to recover at least 35% of their claims. Despite the progress in client repayments, Voyager continues to navigate through post-bankruptcy challenges with determination and optimism.
However, the company’s difficulties extend to its partners as well. A recent class-action lawsuit targeted the NBA for allegedly approving marketing deals with Voyager Digital, leading to investor losses exceeding $4.2 billion.
Overall, Voyager’s journey post-bankruptcy showcases resilience and a commitment to fulfilling its financial obligations, despite the obstacles along the way.
