It has been almost half a year since crypto lending platform Voyager Digital officially filed for bankruptcy. One of the possible reasons that the huge crypto company collapsed had to do with its exposure to the Three Arrows Capital (3AC) hedge fund. After the crash of the Terra ecosystem (LUNA), the crypto hedge fund ran into financial trouble and a few weeks later the company was forced to file for bankruptcy.
First FTX, now Binance
Earlier you could read that FTX won the auction of the bankrupt crypto lending platform. At the time, it would tap $1.3 billion to acquire Voyager’s assets. However, a few months later it was FTX’s turn to file for bankruptcy and this obviously threw a spanner in the works.
This time it is the turn of Binance US, the American branch of the world’s largest crypto exchange, which will take over the assets of the lending platform for $ 1.022 billion. Voyager announced this on Monday in a statement. Binance US will make a $10 million deposit and will also reimburse Voyager for certain expenses, subject to a limit of $15 million.
The deal will not be formally executed until the bankruptcy court approves Voyager’s request on January 5.
Brian Shroder, CEO of Binance US, had this to say about the acquisition of the assets:
“We hope our selection ends a painful bankruptcy process where customers were unfairly dragged into it through no fault of their own. Our goal is simple: give users back their cryptocurrency in the fastest way possible.”
A bid from Binance US was already in the air after it was previously announced that it was preparing a bid.
Voyager token
Voyager Token (VGX), the cryptocurrency of the lending platform, rose 32% after news broke that Binance’s US arm won the auction. Meanwhile, the price of VGX has cooled down a bit and is still about 6% in the green over the past 24 hours, according to data from CoinMarketCap.