Voyager Digital Holdings, Inc., et al.

On Jul 05, 2022, Voyager Digital Holdings, Inc. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Michael E. Wiles and jointly administered under Case No. 22-10943.

On July 5, 2022, Voyager Digital Holdings, Inc. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Michael E Wiles and jointly administered under Case No. 22-10943. The general bar date has been set for 5pm ET October 3, 2022.

Voyager Digital Holdings, Inc., et al.

Below are actionable offers to accelerate your recovery from our network of verified buyers.

Debtor's Proposal

Price: Unknown

Payment Timeline: Unknown

Form of Recovery: Mixed

Breakdown of Proposed Recovery

Pro Rata share of...

  • the Coin Allocation
  • the Claims Equity Allocation
  • the Voyager Token Allocation
  • the 3AC Recovery Allocation
Debtor's Proposal

Price: Unknown

Account Type:

Payment Timeline: Unknown

Form of Recovery: Mixed

Offer Details

    • Example 2
    • Example 3
    Cash Offer

    Price: 10%

    Payment Timeline: Instant

    Form of Recovery: Cash

    Breakdown of Proposed Recovery
    Cash Offer

    Price: 10%

    Account Type:

    Payment Timeline: Instant

    Form of Recovery: Cash

    Offer Details
    • 10% liquidity of net claim
    • 1 year repurchase option
    • Repurchase option = 28% of the allowed face amount of the claim

    Make an Offer

    Are you interested in offering liquidity to creditors? Contact our Operations team to propose your own offer.

    On Jul 05, 2022, Voyager Digital Holdings, Inc. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Michael E. Wiles and jointly administered under Case No. 22-10943.

    On July 5, 2022, Voyager Digital Holdings, Inc. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Michael E Wiles and {jointly} administered under Case No. 22-10943. 

    In a few short years since its founding in 2018, Voyager built a $5.9 billion crypto brokerage serving 3.5 million users. The company became public in 2021, traded on the Toronto Stock Exchange, in 2021. In June 2022, cryptocurrency lender and Voyager competitor Celsius Network paused account withdrawals and transfers.  Along with a crash in crypto prices and general market jitters, these developments prompted an increase in customer withdrawals. 

    At the same time, crypto hedge fund Three Arrows Capital, which sustained significant losses on account of its staked position in Luna, defaulted on a loan issued by Voyager with over $650 million outstanding. Facing a giant hole from the Three Arrows Capital loan, Voyager secured emergency revolving credit from Alameda Ventures comprised of $200 million in cash and USDC and 15,000 BTC (approximately $75 million USDC is outstanding as of the petition date). 

    Prior to filing, the company initiated efforts to pursue a sale process or obtain additional financing, but it soon became clear that no actionable proposals were forthcoming. The company has reported that it holds $100 million of cash and owned crypto assets, $350 million of cash in customer FBO accounts, $1.3 billion of crypto assets on its platform, and over $1.1 billion in loans to third parties.  On June 23, the company reduced daily withdrawal limits and on July 1 froze all account activity, including in customer FBO accounts. Now, over 1.2 million funded account holders have found themselves creditors wondering when and to what extent they will be able to obtain liquidity and recover their losses, estimated at over $5.4 billion USD equivalent. 

    Voyager’s bankruptcy case has created significant new legal questions related to the treatment of crypto assets in bankruptcy, crypto token valuation, and the right to receive in-kind distributions. Nearly all of Celsius’ customers are now questioning whether they would have been better off keeping their cash in traditional bank accounts and their crypto in their own cold storage wallets. Customers and other creditors are eagerly seeking resolution to access their funds, obtain early liquidity or best position themselves for a long wait in chapter 11 as the myriad legal issues get litigated.

    Creditors are asking how to maximize their recoveries, how much do they stand to lose by waiting for the case to resolve and what options do they have to obtain liquidity today and move on?

    Everyone’s situation is different and Xclaim is here to help those interested in seeking liquidity today get fair value through a transparent and efficient marketplace.

    Below are links to key filings that may impact your recovery. This is not an exclusive list and we encourage you to visit the claims administrator's case page or review the official court docket to see all documents that may be relevant to this case.

    Debtors' Proposed Plan of Reorganization

    Below are other links and resources that might be helpful to you in navigating through this chapter 11 case and maximizing your recovery.