TechFlow news — Voyager Digital has officially commenced its financial restructuring process. The platform currently holds $1.3 billion in crypto assets, over $350 million in cash held in client FBO accounts at Metropolitan Commercial Bank, and claims exceeding $650 million against Three Arrows Capital. Voyager intends to restore account access and return asset value to customers following the implementation of the proposed restructuring plan.
Under the current proposal, users with crypto assets in their platform accounts will be compensated through repayments from Three Arrows Capital (totaling $650 million), allocations of equity in the reorganized company, and Voyager tokens. Customers will have the opportunity to choose their preferred ratio of common stock and cryptocurrency. For users holding cash balances, funds will be unlocked after Voyager completes reconciliation and anti-fraud procedures with Metropolitan Commercial Bank.
Voyager noted that the plan may be subject to change and requires court approval. The company will continue evaluating all strategic alternatives to maximize value for stakeholders.
The company has appointed Moelis & Company and Consello Group as financial advisors, Kirkland & Ellis LLP as legal counsel, and Berkeley Research Group, LLC as restructuring advisor.
Additionally, Matthew Ray serves as an independent director of Voyager Digital Ltd. Scott Vogel serves as an independent director of Voyager Digital Holdings, Inc. Jill Frizzley and Timothy Pohl serve as independent directors of Voyager Digital LLC. (PRNewswire)
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