Bankrupt Voyager records a $7.6m crypto transaction

What happened at Voyager?

Back on July 22, the cryptocurrency broker Voyager Digital sought protection under bankruptcy laws after suffering losses due to the recent market instability and the unexpected failure of Three Arrows Capital.

The corporation, which has its headquarters in the United States, said that its assets ranged from around $1 billion to $10 billion at the time. Additionally, the company’s two subsidiaries applied for protection under the bankruptcy code.

More into Voyager’s troubles

To add to Voyager’s troubles, a couple of weeks ago, the United States signaled that the Committee on Foreign Investment (CFIUS) would investigate Binance’s purchase of Voyager which proved a hurdle in the company’s recovery plan.

Whenever a foreign investor wants to buy or combine with a U.S. firm and gain control, CFIUS must first assess the deal to ensure it won’t compromise American security. This is optional and may take as long as a year or more to complete, depending on the nature of the deal.

If discussions fail, the committee may use its power to halt any deal it determines to be damaging to U.S. interests.

Binance.US, the U.S. subsidiary of Binance, announced on Dec. 19 that it would purchase Voyager Digital’s assets for $1.022 billion. This move was seen as a way to provide clients of Voyager with a way to access their monies.

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