Voyager Proposes Customers to Receive Funds Pro-Rata to its Crypto Holdings, Proceeds from 3AC, Shares, and VGX Token

Abstract:

• Voyager Digital has up to date on the standing of its buyer’s USD and crypto.
• The crypto lending platform emphasizes that clients’ USD deposits are protected.
• Voyager states it has roughly $1.3 billion price of crypto property and $650 million in claims in opposition to Three Arrows Capital.
• The workforce has proposed a reorganization plan the place its clients will obtain their pro-rata share of the crypto, proceeds from 3AC restoration, frequent shares within the newly reorganized firm, and shares of current Voyager tokens.

The workforce at Voyager Digital has supplied an update on the standing of shoppers’ USD and crypto held on the lending platform.

All USD Deposits Belonging to Prospects Will Go Again to the Similar Prospects.

In line with the workforce at Voyager, all of the USD deposits held on the platform belonging to its clients shall be returned as soon as reconciliation and fraud prevention is carried out.

The workforce additionally explains that every one its clients’ USD is held ‘in a particular sort of checking account known as a For Good thing about Prospects (“FBO”) account at Metropolitan Industrial Financial institution of New York (“MCB”).’ As well as, the USD held within the FBO account is the same as the quantity of USD in its clients’ accounts.

The USD is FDIC Insured for As much as $250k Per buyer.

Moreover, all of the USD in clients’ money accounts held at MCB is FDIC insured. Consequently, every buyer is roofed as much as a most of $250k.

Voyager Proposes a Professional-Rata Distribution of Crypto, 3AC Proceeds, and Shares.

The workforce at Voyager additionally declared that it presently holds roughly $1.3 billion price of crypto plus $650 million in claims in opposition to Three Arrows Capital. Because of this, it proposes a distribution of property to its clients by means of a mixture of the next, with every buyer having ‘the flexibility to pick out the proportion of crypto and customary fairness they obtain, topic to sure most thresholds.’:

• Professional-rata share of crypto
• Professional-rata share of proceeds from the 3AC restoration
• Professional-rata share of frequent shares within the newly reorganized firm
• Professional-rata share of current Voyager tokens

USD and Crypto Distribution Plan is Topic to Change.

Within the concluding part of the replace, the Voyager workforce stresses that the proposed distribution of property to its clients is topic to vary. They state:

The plan is topic to vary, negotiation with clients, and finally a vote.

In Voyager’s case, clients are the first collectors and may have a chance to vote on the proposed Plan of Reorganization. We put collectively a restructuring plan that may protect buyer property and supply one of the best alternative to maximise worth.

As well as, the Firm is pursuing numerous strategic options to judge the worth of the standalone firm in contrast with a third-party funding or sale.