TechFlow News — Voyager stated on Twitter that the Plan Administrator submitted a proposed amendment to the liquidation process on May 27. The amendment was developed in response to certain statements from the SEC, which require the Plan Administrator to take additional actions regarding specific cryptocurrencies on the Voyager platform.
According to the amendment, the Plan Administrator will retain all unsupported tokens while awaiting determination on whether and to what extent these tokens can be liquidated. To ensure compliance with applicable non-bankruptcy laws (such as securities laws), the Plan Administrator will seek clarification from the bankruptcy court regarding the liquidation of unsupported tokens and, where necessary, supported tokens. There is currently no definitive timeline or information on when the court will provide such clarification.
A hearing on the amended liquidation procedure will be held on June 6. If approved by the bankruptcy court, the Plan Administrator will proceed to distribute supported tokens to customers as soon as practicable.
Previously, at a hearing on May 18, U.S. Bankruptcy Judge Michael Wiles approved the liquidation plan submitted by Voyager Digital. This plan allows the company to return approximately $1.33 billion in crypto assets to customers—representing about 35% of total customer deposits—and brings to an end the restructuring proceedings under U.S. bankruptcy law.
