The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers.
A week later, Voyagerfor bankruptcy protection after citing “prolonged volatility and contagion in the crypto markets.” Voyager shares exchanged hands at the stock’s peak in April 2021 at $29.86 per share, and today’s shares are swapping for $0.34 per unit.
Now the presiding bankruptcy court judge, Michael Wiles from New York, has allowed $270 million to be released from Voyager’s custodian Metropolitan Commercial bank , the Wall Street Journal MCB explained to the WSJ that it held the $270 million when Voyager filed voluntary petitions for reorganization under Chapter 11.
It is estimated that Voyager will complete the bankruptcy process by the end of September 2022, but there’s allegedly $1.3 billion worth of crypto stemming from 3.5 million customers stored on Voyager’s platform. CNBCon August 3, that Voyager’s CEO Steven Ehrlich obtained more than $30 million by selling Voyager equity in February and March 2021.
While Voyager is a publicly traded firm, last year it adopted an automatic securities disposition plan on December 31, 2021, after Ehrlich’s equity sales. CNBC’s reports that on January 20, 2022, Voyager’s CEO removed the ADSP structure. Voyager Digital also had a deal with the Dallas Mavericks and business relationships with Genesis Global Capital and Galaxy Digital.
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