Voyager Digital to return $ 270 million to customers

Cryptocurrency brokerage company Voyager Digital Holdings Inc. has been granted permission to return $ 270 million in cash to its clients, which is held in an escrow account at Metropolitan Commercial Bank (MCB).

The court stated that the broker provided «sufficient grounds» to support the argument that the funds should be returned to depositors.

Although Voyager has asked the court to allow the return of funds in the MCB custodial account, there is a more serious issue that still needs to be resolved — how the $ 1.3 billion in cryptocurrency assets will be divided among creditors.

Voyager’s lawyer, Joshua Sassberg, told the court that FTX’s buyout offer is the lowest and the company is negotiating a better deal.

As a reminder, Voyager Digital filed for bankruptcy shortly after the cryptocurrency hedge fund Three Arrows Capital (3AC) received a liquidation order in the Virgin Islands (UK). 3AC failed to repay Voyager a loan of about $ 650 million, so FTX CEO Sam Bankman-Fried offered to buy 3AC's assets at market prices.