2023-04-26 07:32:12
Voyager crypto lender, which was in a difficult situation after the collapse of FTX, will not be rescued from the pickle by Binance US, after the latter terminated the asset purchase agreement in a letter. Voyager made this known in a tweet, adding that their situation “disappointing”but nevertheless, customers receive their cryptos through the Voyager platform a “direct distribution” through.
It’s over, run away Voyager
At the end of 2022, Binance announced that its American subsidiary had entered into a billion-dollar agreement with Voyager Digital Ltd. to acquire its assets. Although the US Securities and Exchange Commission (SEC) objected to the acquisition, the actual acquisition could continue after a court approval. However, on April 25, 2023, Voyager disclosed that the deal with Binance US fell through.
“Today we received a letter from Binance US terminating the asset purchase agreement. While this development is disappointing, our Chapter 11 plan allows for direct distribution of cash and crypto to customers (a “switch option”) through the Voyager platform” – announced Voyager via Twitter.
Voyager stopped payments nine months earlier and filed for bankruptcy six days later. The company “prolonged volatility of crypto markets and its spread” cited as the reason for the bankruptcy. Before the takeover offer made by Binance, FTX, which was once skyrocketing in Hungary, offered to help Voyager, but it was nothing more than a charade on the part of the CEO of FTX, Sam Bankman-Fried, who was crumbling at the time.
Binance has already played the same note once, precisely during the collapse of the infamous FTX in November. After Binance CEO CZ with two feet got into it questioned FTX’s liquidity and announced that Binance was divesting FTT tokens, which then sent FTX into a tailspin, offering to buy the exchange. Then he danced back to it for a few weeks, completely sending his former biggest rival to the floor.
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