Positive Developments in Voyager’s Bankruptcy Proceedings
Recent settlements in Voyager’s bankruptcy proceedings have led to positive developments, with the company recovering a substantial amount of money.
- Voyager Digital has recovered around $484 million through settlements with FTX, VC Three Arrows Capital (3AC), and Directors and Officers (D&O) insurance.
- The settlement with FTX will release $450 million, representing roughly 25% of creditors’ original claims. Once approved, the money will be distributed to Voyager’s creditors.
- Additionally, Voyager reached a settlement with D&O insurance, resulting in at least $14.35 million being paid to the Wind-Down Debtor, benefiting the company’s creditors.
More Money Recovered
Further recoveries include $20.43 million from ongoing litigation with 3AC, with potential for additional recoveries in the future.
- Voyager also mentioned that the FTX Debtors’ $5 million deposit, previously held in escrow, will be released to the Wind-Down Debtor.
- Despite these positive developments, the company still faces challenges, with over 270,000 unclaimed checks totaling $17 million. A deadline has been set for April 20, 2024, for claiming these checks.
- Furthermore, a data breach at FTX resulted in compromised creditor information, leading to investigations to determine the impact of the breach.
3AC’s Founder Returns with New Exchange
Su Zhu, co-founder of 3AC, announced the launch of the decentralized derivatives exchange OX.FUN, securing $4 million in funding from Foresight Ventures and other firms.
- OX.FUN focuses on perpetual contracts and plans to use the funds for product development, team building, and platform expansion.
- The exchange quickly attracted users, with $1.5 billion OX deposited and $20 billion OX traded since its launch.
- Notably, Su Zhu and Kyle Davies, co-founders of OX.FUN, previously created a centralized exchange called OPNX, which closed its doors in February 2024.
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