Lawyers for bankrupt crypto lender investvoyager have filed liquidation procedures in New York, and their initial recovery plan would see creditors receive a measly 36% of their holdings stuck on the platform. cheyenneligon reports
from Voyager’s estate fails. In addition to reserving $446 million of the estate’s holdings for the Alameda suit, Voyager’s lawyers are also withholding an additional $259.6 million for litigation costs, administrative claims, and assorted other “holdbacks.”
Creditors who have any of the 67 “supported” tokens, including BTC and ETH, stuck on the platform, will be able to withdraw the allowable percent of their crypto directly. For those with any of the 38 “unsupported tokens,” including SOL and ALGO, Voyager will liquidate everything and pay customers back with USDC, a stablecoin.
Objections to the planned liquidation process must be submitted to the U.S. Bankruptcy Court of the Southern District of New York by May 15 at 4 p.m. EST.
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