{"id":501009,"date":"2022-10-15T08:26:34","date_gmt":"2022-10-15T05:26:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/texas-authorities-object-to-voyagers-disclosure-statement-in-its-current-form\/"},"modified":"2022-10-15T08:26:34","modified_gmt":"2022-10-15T05:26:34","slug":"texas-authorities-object-to-voyagers-disclosure-statement-in-its-current-form","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/texas-authorities-object-to-voyagers-disclosure-statement-in-its-current-form\/","title":{"rendered":"# Texas authorities object to Voyager&#8217;s disclosure statement in its current form"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a28010939bcb\" 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-6a28010939bcb\" 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\/texas-authorities-object-to-voyagers-disclosure-statement-in-its-current-form\/#%E2%80%9D_Texas_authorities_object_to_Voyagers_disclosure_statement_in_its_current_form_%E2%80%9C\" >&#8221; Texas authorities object to Voyager&#8217;s disclosure statement in its current form &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Texas_authorities_object_to_Voyagers_disclosure_statement_in_its_current_form_%E2%80%9C\"><\/span>&#8221; Texas authorities object to Voyager&#8217;s disclosure statement in its current form &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDgzMDc0OTAtNGFlNy00N2I5LTg4Y2EtNjIwZTVmNjYwZmQ2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in court against Voyager Digital\u2019s disclosure statement, questioning the various methodologies and calculations used to estimate the fair market value of the bankrupt exchange\u2019s crypto assets.<\/p>\n<p>In a pleading <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cases.stretto.com\/public\/x193\/11753\/PLEADINGS\/1175310142280000000119.pdf\">filed<\/a> with the United States Bankruptcy Court for the Southern District of New York, the attorneys for the SSB and DOB objected to the order <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roving the adequacy of Voyager\u2019s amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022, while proposing a recovery plan for investors.<\/p>\n<p>The Texas state authorities argued that Voyager\u2019s disclosure statement, which asserted that creditors might get a 70% return, fails to explain the methodology used to calculate the average coin prices, adding that:<\/p>\n<blockquote><p>\u201cThe Debtors (Voyager) have never been licensed by the SSB or the DOB and faces very large fines and penalties for operating without a license. FTX is also not licensed to do business in the State of Texas.\u201d<\/p><\/blockquote>\n<p>The attorneys further highlighted that with the court that crypto exchange FTX offers a product similar to \u2018Voyager Earn Program,\u2019 a Voyager offering that has been subject to cease-and-desist orders from multiple states in the US.<\/p>\n<p>As a resolution, the SSB and DOB seek the denial of Voyager\u2019s disclosure statement in its current form. Moreover, it demands that Voyager discloses the methodology and calculations used to determine its fair market value for funds recovery.<\/p>\n<p>On Oct. 5, FTX US secured the winning bid for the assets of Voyager. According to Voyager, the bid was made up of the fair market value of its crypto holdings \u201cat a to-be-determined date in the future\u201d estimated to be around $1.3 billion, along with $111 million in \u201cincremental value.\u201d<\/p>\n<p>The hearing date for the case has been slated for\u00a0Oct. 19 at the time of the writing.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Senator Warren leads the charge against energy consumption claims on Texas crypto miners<\/em><\/strong><\/p>\n<p>On Sept. 30, the SSB, DOB and the Vermont Department of Financial Regulation objected to crypto lender Celsius\u2019 plans to sell off its stablecoin holdings, arguing that the firm could use the resultant capital to resume operating in violation of state laws.<\/p>\n<p>Celsius reached out to the United States Bankruptcy Court for the Southern District of New York, seeking permission to sell its stablecoin holdings, reportedly worth $23 million. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/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\/texas-authorities-object-to-voyager-s-disclosure-statement-in-its-current-form\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Texas authorities object to Voyager&#8217;s disclosure statement in its current form &#8220; The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in court against Voyager Digital\u2019s disclosure statement, questioning the various methodologies and calculations used to estimate the fair market value of the bankrupt exchange\u2019s crypto assets&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":501010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvZDgzMDc0OTAtNGFlNy00N2I5LTg4Y2EtNjIwZTVmNjYwZmQ2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[77595,80225,4978,117,70934,6474],"class_list":["post-501009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-lending","tag-value","tag-bankruptcy","tag-business","tag-regulation","tag-texas"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501009","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=501009"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/501009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/501010"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=501009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=501009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=501009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}