Binance US announced yesterday that it has acquired bankrupt cryptocurrency company Voyager Digital LLT for around $1 billion. BNB continues to fall.
After trying all possible options, crypto lender Voyager considered Binance.US’s offer to be the best and best for its assets.
According to the contract, the exact figure is $1.022 billion, equal to the fair market value of Voyager’s assets at current prices plus $20 million.
The paradox in this case is the fact that FTX.US, the U.S. subsidiary of the now-defunct FTX exchange, originally planned to acquire Voyager. FTX.US offered him $1.2 billion, but the offer was apparently canceled after FTX went bankrupt. At this point, Bilance.US stepped in with the proposal.
The movement of the virtual currency exchange Binance after the acquisition of Voyager. How will BNB react?
Despite nominal independence, Binance.US It operates as a “de facto subsidiary” of Binance’s international operations.By chance, Voyager submitted For July 2022 Bankruptcy Protection After Crypto Hedge Funds Three Arrows Capital (3AC) A significant loan position extended by Voyager has defaulted.
Although the purchase has not been officially confirmed, Voyager At a public hearing on Monday, January 5, 2023, it said it would seek bankruptcy court approval for a deal with Binance.US.
Binance.US’ next move is to make a good faith deposit of $10 million and refund some costs to Voyager, capped at $15 million.
If the transaction with Binance.US does not materialize by April 18, 2023, Voyager has the option to refund the customer.
Voyager Digital LLC will seek bankruptcy court approval to enter into a purchase agreement between the two companies. The sale will be made possible through the Chapter 11 Bankruptcy Plan.
The CEO of Binance.US has made several statements regarding the upcoming acquisition and plans to compensate customers for blocked funds.
“We will do everything in our power to expedite the legal and judicial approval process. Our current goal, pending court approval, is to make the assets accessible to users in March 2023.” .”
One of the key points is maintaining customer transparency and security, which are the fundamental foundations of Binance. Most importantly, capitalization as a source of customer peace of mind.
“In addition, we maintain an industry-leading security program to protect our clients’ funds. Binance.US is fully capitalized. Our assets exceed our liabilities. They can withdraw their assets tomorrow, it’s their right, and they still have hundreds of millions of current assets left.”
For Voyager
On July 5, 2022, Voyager Digital Holdings, Inc. and two related debtors filed a voluntary petition for Chapter 11 relief.
The week before, Voyager Digital issued a default notice to Three Arrows Capital for failing to pay a $1 worth of cryptocurrency loan. Over $650 million.
This, coupled with a significant drop in the value of all cryptos to a greater or lesser extent, meant that the platform was no longer able to keep up with user withdrawal requests.
Traveling CEO Stephen Ehrlich That’s what I said when I failed.
“While I am a firm believer in this future, prolonged volatility, the epidemic of the cryptocurrency markets in recent months and the default of Three Arrows Capital require us to act cautiously and decisively. The Chapter 11 process provides an efficient and equitable mechanism for maximizing recovery.”
In addition to FTX’s subsequent interest, an attempt to acquire Voyager, Alameda Research (both Sam Bankman Fried at the time) appears to have been one of Voyager’s largest creditors.A presumptive claim appears to have existed $75 million.
Binance Coin (BNB) Has Been In Trouble Over The Past Few Days
Despite recent news binance coin token lost more than 13% recently. In fact, BNB is so closely tied to Binance that everything about the giant exchange platform is reflected in the token.
often related fear of investors Binance could become insolvent just like FTX.
After Binance’s Proof of Reserve was removed from the site, news It has caused panic among investors on large exchange platforms. No statement has been made on this matter at this time. Zhao Changpengthe Binance CEO has not yet spoken about canceling the proof of booking.
However, Binance’s CEO has made it very clear that all investors should trust blockchain because it is a massive aggregator of secure and trustworthy information.
Rumors also confirm an ongoing investigation on Binance.
Prosecutors at the U.S. Department of Justice are divided over the long-standing criminal investigation into Binance, according to a Reuters report. The split is delaying the agency’s decision, according to four of his people familiar with the matter. Interestingly, the case began in 2018, in the early days of the Zhao Changpeng-led cryptocurrency exchange.
The massive outflow of funds from Binance directed by the general panic does not appear to be a problem for the large exchange platform. , which proves its solvency ratio.
Some analysts speculate that as far as BNB is concerned, it is on a downward trend, which could result in losses for native token holders.
