{"id":471027,"date":"2022-07-06T09:42:12","date_gmt":"2022-07-06T06:42:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/voyager-digital-files-for-chapter-11-bankruptcy-proposes-recovery-plan\/"},"modified":"2022-07-06T09:42:12","modified_gmt":"2022-07-06T06:42:12","slug":"voyager-digital-files-for-chapter-11-bankruptcy-proposes-recovery-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/voyager-digital-files-for-chapter-11-bankruptcy-proposes-recovery-plan\/","title":{"rendered":"# Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a413bcecbe53\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a413bcecbe53\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/voyager-digital-files-for-chapter-11-bankruptcy-proposes-recovery-plan\/#%E2%80%9D_Voyager_Digital_files_for_Chapter_11_bankruptcy_proposes_recovery_plan_%E2%80%9C\" >&#8221; Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Voyager_Digital_files_for_Chapter_11_bankruptcy_proposes_recovery_plan_%E2%80%9C\"><\/span>&#8221; Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Days after pausing trading, withdrawals and deposits, crypto exchange Voyager Digital is filing for bankruptcy under Chapter 11 in the Southern District Court of New York.<\/p>\n<p>Voyager&#8217;s Chapter 11 bankruptcy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cases.stretto.com\/Voyager\/\">filing<\/a> indicated that it is on the hook for anywhere from $1 billion to $10 billion in assets to more than 100,000 creditors.<\/p>\n<p>The troubled crypto exchange wasted no time after the United States holiday to file for bankruptcy on July 5. In a Wednesday\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/voyager-digital-commences-financial-restructuring-process-to-maximize-value-for-all-stakeholders-301581177.html\">statement<\/a>,\u00a0 Voyager explained that the move is part of a \u201cPlan of Reorganization.\u201d When implemented, the plan would enable clients to reaccess their accounts again, and Voyager would \u201creturn value to customers.\u201d <\/p>\n<p>Voyager CEO Stephen Ehrlich stated in a July 6 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Ehrls15\/status\/1544550255307493376\">tweet<\/a>\u00a0that under its proposed plan, customers with crypto in their account will receive a combination of crypto, proceeds from the Three Arrows Capital (3AC) recovery, common shares in the newly reorganized company, and Voyager tokens.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens.<\/p>\n<p>\u2014 Stephen Ehrlich (@Ehrls15) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Ehrls15\/status\/1544550255307493376?ref_src=twsrc%5Etfw\">July 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nHe also added confirmation that customers with U.S. dollars in their accounts will be able to access those funds after a &#8220;reconciliation and fraud prevention process is completed with Metropolitan Commercial Bank.&#8221;<\/p>\n<p>In the same <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread,\u00a0 Ehrlich said he felt Chapter 11 was the best route for his clients, considering all factors, and assured that the move would protect assets on the platform and that Voyager will continue operating.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/165017c4-f983-4649-b6e3-2d78dc073b2c.PNG\"><figcaption style=\"text-align: center;\">Voyager Digital files for Chapter 11 bankruptcy in New York.<\/figcaption><\/figure>\n<p>Voyager said that part of the reorganization process will see the company filing \u201cFirst Day\u201d motions that will allow it to maintain operations. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Keys lost in the Vauld: Singapore crypto exchange freezes withdrawals<\/em><\/strong><\/p>\n<p>Voyager said it intends to pay its employees in the usual manner and continue their \u201cprimary benefits and certain customer programs without disruption,\u201d though trading, deposits, withdrawals and loyalty rewards will remain suspended. <\/p>\n<p>Signs that Voyager and its clients were experiencing headwinds came after the lending platform entered into a $500 million loan agreement with trading firm Alameda Research to cover losses from its exposure to crypto venture capital firm 3AC. <\/p>\n<p>A day later, the platform lowered its\u00a0daily withdrawal limit to $10,000 and then, on July 1, announced that it would be suspending trading, deposits, withdrawals, and loyalty rewards distributions.<\/p>\n<p>The company\u2019s subsidiary, Voyager Digital LLC, also previously issued a notice of default to 3AC for failure to make the required payments for its loan of 15,250 Bitcoin (BTC) and $350 million USD Coin (USDC). <\/p>\n<p>However, Three Arrows Capital is going through Chapter 15 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/crypto-hedge-fund-three-arrows-files-chapter-15-bankruptcy-2022-07-01\/\">bankruptcy<\/a> proceedings and has reportedly been forced to be liquidated by the British Virgin Islands, suggesting that it could be difficult for Voyager to recover the funds it lent out.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/voyager-digital-files-for-chapter-11-bankruptcy-proposes-recovery-plan\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan &#8220; Days after pausing trading, withdrawals and deposits, crypto exchange Voyager Digital is filing for bankruptcy under Chapter 11 in the Southern District Court of New York. Voyager&#8217;s Chapter 11 bankruptcy filing indicated that it is on the hook for anywhere from $1 billion&#8230;<\/p>\n","protected":false},"author":1,"featured_media":471028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMjU3OTY2YzEtNDk5Yi00NzQ1LTliMmQtNjY5YWQ1YjVlZDgzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[129187,74860,77595,4978,117,67874],"class_list":["post-471027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cefi","tag-cryptocurrency-exchange","tag-lending","tag-bankruptcy","tag-business","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=471027"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/471027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/471028"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=471027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=471027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=471027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}