Voyager to auction off assets after bankruptcy

share to other networks share to twitter share to facebook
voyager bankruptcy

June has been quite tumultuous for several crypto lending platforms. With headlines such as Voyager filing for bankruptcy catching pace, several other platforms including Celsius Network, Hodlnaut, and 3Arrow Digital succumbed to the onslaught of the bearish crypto market phase.

As part of its Chapter 11 bankruptcy proceedings, Voyager Digital will auction its assets on September 13.

The court filings revealed on Tuesday confirmed that the firm will be undergoing an auctioning event where the remaining assets of the firm will be offered up for bids and sales.

Advertisement

Voyager to auction off assets after bankruptcy

Voyager Digital is all set to auction its remaining assets on September 13.

Bidders who are interested in acquiring assets of the firm have already submitted their bids after the firm extended the date from August 26 to September 6.

The court filings reveal that the final results of the auction will be unveiled on September 29.

Voyager was earlier approached by SBF-backed Alameda and FTX to initiate a sales proposition. However, it was later denied by Voyager.

The firm stated the offer was too soft and later rejected the proposal by referring to it as "a lowball offer."

Voyager Digital earlier revealed that 22 investors had undergone the process of due diligence and had expressed their interest in buying the remaining assets of the firm.

The platform is yet to issue a clarification on how many formal bids were submitted before the established deadline.

On September 7, Voyager tweeted the confirmation, adding it has received multiple bids/offers alongside issuing structural guidance and information about the claims process.

Advertisement

Voyager previously caught global attention when it halted its withdrawals and deposits citing "extreme market conditions."

The firm abruptly ceased withdrawals and swaps in July after succumbing to the extreme bearish market phase.

Elsewhere, another cryptocurrency project embroiled in controversy earlier in 2022 - Luna Classic - has also made steps towards recovery and reconstruction. Check out the latest Luna Classic news.