NewsletterBreaking: Voyager Creditors To Challenge US DOJ Appeal In Binance.US-Voyager Deal
Voyager creditors committee on Friday said it will work with Debtors to challenge any appeal against the Bankruptcy Court’s approval of Binance.US bid to acquire Voyager Digital assets. The move comes amid the U.S. Attorney and U.S. Trustee filed an appeal against the court order.
According to a notice of appeal filed late Thursday, the U.S. Department of Justice challenges Judge Michael Wiles’ decision to approve the sale of Voyager assets to Binance.US for 1 billion. The appeal comes amid objections to Binance.US-Voyager deal from the U.S. Securities and Exchange Commission (SEC) and state regulators.
Voyager Official Committee of Unsecured Creditors in a series of tweets on March 10 said the U.S. Attorney and U.S. Trustee expectedly have filed an appeal against the court order. The committee stated that it will work with the Debtors to oppose any appeal that comes against the deal.
6/ Based on certain statements made by government objectors, we anticipate that the confirmation order will be appealed. The UCC will work with the Debtors to oppose any appeal. However, an appeal could significantly delay creditor recoveries.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) March 10, 2023
Earlier, the court approved Voyager assets acquisition by Binance.US after the four-day confirmation hearing. Judge Michael Wiles agreed that Binance.US deal is the best for impacted Voyager creditors to maximize their recoveries. The deal will help customers recover 73% of the crypto assets they own before the bankruptcy.
The court order permitted the Debtors to a self-liquidation if the sale does not close. The judge also ruled that no U.S. agencies will oppose the issuance of a bankruptcy token as planned by Voyager.
Also Read: These Altcoins See Massive Whale Activity As the Crypto Market Bleeds
Voyager Selling Crypto Assets
Meanwhile, Voyager Digital is continuously selling crypto assets. After the approval of the deal, Voyager sold crypto assets worth over $56 million to Binance.US, Coinbase, and Wintermute Trading on Thursday. The major crypto assets included Ethereum, Ethereum, Shiba Inu, Chainlink, and Voyager Token.
According to analysis firm Arkham, Voyager Digital dumped over $350 million of its on-chain crypto assets over the past 6 weeks.
Also Read: Can Bitcoin Price Crash To Sub-$15K And Ethereum $1K?
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