Crypto crash: Voyager Digital forced to auction its assets

The end of the tunnel ? – The adventures of the cryptocurrency exchange Travel Digital lighten up a bit. The platform that ended up in liquidation procedure following the failure to reimburse 15,250 BTC and $250 million by Three Arrows Capital published the date of its auction. A few months ago, FTX had already offered the takeover. However, Voyager Digital was unapologetic in denying and calling their statements misleading. This time the date of the auction falls and leaves no room for maneuver.

Voyager collateral victim of the crash of Three Arrows Capital

On Twitter, Voyager Digital published this Wednesday, the date of its auction, scheduled for September 13. At the latest information, Voyager Digital had received no less than 22 purchase proposals strong following Alameda’s refusal. The victimized company Three Arrows Capital setbacks then announced that this same situation placing her at the center of investors’ interests was the origin of the auction.

Although users injured by the restructuring procedure of Voyager Digital, had already had confirmation that 270 million dollars would be redistributed to them as partial restitution for the freezing of their capital, a substantial part of their assets is always inaccessible.

Voyager Digital announces that the capital claims process will be explained once the sale is complete. Nothing had been clearly stated on this subject except for a blog post dated August 24. The blog post in question allowed Voyager to inform its customers that their various funds were listed on a case-by-case basis and were individually accessible with a unique link and a personal identification number.

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An inevitable procedure

The news has necessarily many disappointed among the users concerned. Among them, many expect a miracle from each official announcement from Voyager Digital. Mainly a statement that their funds would be fully refunded as soon as possible.

However, as this Internet user pointed out under the initial post, a reimbursement up to the maximum financial capacity of the company at the moment would amount to sign his death warrant. Especially since the decision on the repayment terms is under the power of justice. The seemingly ideal scenario for customers will only happen probably never. The path of reimbursement over the length with the redemption of the box, however, seems to be the most reasonable. Staggering would theoretically promise a repayment more complete over time.

the final denouement of the Voyager Digital arc that has caused a lot of ink and tears to flow finally manifests itself. Despite huge doubts many have expressed about the company’s future, financial market players, including Binance, seem to decide to fight over his carcass. If the auction takes place according to expected ratingsit may well hold some good surprises for clients who are currently deprived of their funds.

Another one bites the dust.. Another giant of the crypto ecosystem bites the dust. Avoid leverage for a while and you’ll be fine. Register without delay on the FTX reference crypto exchange platform. In addition, you benefit from a lifetime reduction on your trading fees (commercial link, see conditions on official website).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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