The key takeaways
It’s Been a disastrous year for Voyager Digital It submitted for bankruptcy in July FTX obtained assets and then FTX submitted for bankruptcy a few months later. In Addition More than 1.7 million customers wait to see what occurs to their money.
Binance.US In a declaration, revealed that it had actually been acquired by. Dec. 19 press release from the company about its purchase Voyager Digital’s Assets for $1.022 Billion in a deal that will soon be filed with bankruptcy courts January.
This The year that started with the collapse of Bitcoin has actually been a horror for the cryptocurrencies. Luna Network, leading to major bankruptcies which are still triggering shockwaves throughout the space.
Another plot twist in the 2022 Crypto Crash Binance.US Just announced that it will purchase a bankrupt cryptocurrency exchange Voyager Digital After months of confusion. Although Voyager Digital In bankruptcy filings initially made in JulyFTX acquired the properties in a demanding bidding process.
ThenAs we all understand, FTX submitted bankruptcy.
On Dec. 19, Voyager Digital Announced that Binance.US In a relocation that might assist clear the way for future development, would buy its properties for $1.022 billion. Voyager Clients can access their funds. This This will permit us to take a more detailed look at Binance.US Acquisition of Voyager Digital It is very important to comprehend the implications for crypto-space.
What Is there any crypto-related activity?
We Recently, we took a look at the causes of the disaster for cryptocurrency in 2017 and the ways that the landscape of cryptocurrency is beginning to look more like a home constructed on cards. The The crypto crash will continue till the end.
But It wasn’t too long earlier that the cryptocurrency market seemed more bullish. Around November 2021, the peak cryptocurrency rate was achieved when we saw Bitcoin The typical rate hovers around $68,000 Sam Bankman-Fried was nicknamed the “crypto Robin Hood” He was promoting his wealth sharing plans. The.
ThenAs it ended up being clear that inflation was increasing rapidly, cryptocurrency prices started to drop. It was then that central banks raised rates to cool the economy. Instead Although cryptocurrencies were meant to be a hedge versus inflation they ended up being another speculative possession, which fluctuates based on market conditions. The Russian Invasion UkraineThis, together with increasing inflation, caused cryptocurrency rates fall further in spring 2022.
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Just When it ended up being evident that the cryptocurrency sector was in dire straits, the month of May The Luna Crash of cryptocurrency network. This The most devastating crypto disaster was approximately $60 billion. This sent out shockwaves through the whole industry. Stablecoins were found to no longer be stable, and financial losses occurred.
Before we explore Binance.US Acquisition of VoyagerLet’s take a look at some of these other bankruptcies that have actually struck the cryptocurrency sector this year. The Below is a list of cryptocurrency lending institutions and exchanges that have declared bankruptcy or stopped customer withdrawals.
Capital All three arrows
Voyager Acquisition by Binance.US.
Voyager On the early morning of, I sent out a tweet and a press release. December 19 to announce that BinanceThe assets of the bankrupt crypto exchange would be purchased by.US The An announcement tweet read: “After a review of strategic choices focused on maximizing value returned to clients in an accelerated time frame, Binance.US has been selected as the highest and best bidder for our assets.”
According You can also visit our website at Reuters report, Binance.US can be explained as a legal entity different from the other entities. It has a license agreement. Binance.com. Binance.US will deposit $10 million in good faith and then reimburse the money. Voyager For certain costs, up to $15 million Most Of Voyager’s $1 billion is the worth of its debt to customers.
Voyager Likewise, they affirmed that they will look for approval from the bankruptcy court for the deal BinanceAt a hearing,.US January 5, 2023.
BinanceCEO. Brian Shroder A statement was made that included some positive news for those who are looking to access the funds they have been locked up. Voyager Bankruptcy:
“Upon closing the deal, users will be able to seamlessly access their digital assets on the Binance.US platform, where they will continue to receive future disbursements from Voyager’s estate.”
If The bankruptcy court approved the purchase. Users who have been unable access their funds ever since could now see the end of their problems. July. We I will continue to follow the story as it develops.
So What is the point? Binance Purchase Voyager? We In the next section, we’ll break it down.
What Happened to Voyager