Voyager Digital, a crypto firm that declared bankruptcy in July 2022, has successfully gathered $484 million to pay back its creditors.
Most of this sum, around $450 million, comes from a settlement with the now-collapsed crypto exchange FTX.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Sidechains in Crypto Explained EASILY (Animated)
An additional $14.35 million comes from a settlement in the Directors and Officers insurance mediation.
As a member of the Three Arrows Capital (3AC) creditors' committee, Voyager also anticipates receiving an initial $20.43 million from the fund's litigation process out of a total claim pool of roughly $675 million.
Voyager's restructuring plan was approved in May 2023, promising customers to recover at least 35% of their claims.
Despite the progress in client repayments, Voyager still faces operational issues, such as managing about 270,000 uncashed checks, mostly for amounts under $25, totaling up to $17 million. The firm has set an April 20 deadline to cash these checks.
Despite these challenges, Voyager remains committed to meeting its obligations to creditors, highlighting a determined yet optimistic post-bankruptcy journey.
The company's difficulties extend to its partners as well. A few months ago, a class-action lawsuit targeted the NBA due to allegations of negligence in approving marketing deals with Voyager Digital, which has led to investor losses exceeding $4.2 billion.
