Voyager Digital has filed a formal notice of commencement of liquidation proceedings with the U.S. Bankruptcy Court for the Southern District of New York.
Voyager’s submitted termination plan will be approved by the court on May 15. Before this deadline, all interested parties can submit their proposals.
Under the original plan, Voyager customers can expect a refund of about 36% of their deposits. That’s almost half what they would have gotten if the Binance.US deal had gone through.
On top of that, about $450 million more could be distributed to Voyager’s customers, assuming the counterclaim from Alameda Research is unsuccessful.
Voyager Digital’s announcement to liquidate the business came 10 days after Binance.US backed out of a deal to buy the cryptocurrency lender’s assets due to active U.S. government intervention