32,000 Voyager customers may be on the hook for bankruptcy clawbacks
Shingo Lavine, Voyager’s former chief innovation officer, said the platform could enact customer clawbacks under Chapter 11 bankruptcy rules, which could affect its 32,000 users. I warned you.
Lavignesince co-founder ethossuggested that affected parties form community groups to oppose these actions under a unified voice, much like Celsius’ customers are doing.
“Since Voyager is likely to target retail clawbacks, it may be worthwhile to organize communities such as: @Celsius About fighting them.
Such organizations already exist in Japan. Unsecured Creditors Committee (UCC). Still, according to the snippet shared @ETHJuicedwhich first raised the issue, the UCC is aware of “avoidance behavior” and has no movement against the behavior.
“However, Binance US has agreed to open up about 32,000 parties identified by the Commission as being subject to potential evasive behavior.”
So Lavine could have meant another community group focused on the best interests of its users.
Chapter 11 Avoidance behavior
Voyager filed for Chapter 11 bankruptcy on July 5, 2022, a time of extreme price volatility and similar actions from competing platforms.
An agreement was signed with Binance US on December 19, 2022 to acquire the company’s assets for $1.022 billion. funds.
The Trustee seeks to enact “workarounds” under the Chapter 11 rules to maximize the pot of redistribution to creditors. Binance US is clearly on board with the scheme.
This means that Voyager customers who withdrew funds between April 6, 2022 and July 5, 2022, 90 days before the company filed for bankruptcy, could be forced to return those funds. It means that you have sex.
according to Babi Legal GroupChapter 11 rules, the clawback process aims to “seek fairness” for all affected parties.
“This clawback allows the trustee to recapture assets that should have been part of the debtor’s bankruptcy estate but were excluded or concealed by fraudulent assignments or preferential assignments.”
Voyager Customers Furious
1 commentator It noted significant flaws in the clawback process associated with withdrawing funds within the affected period and then returning those funds to Voyager.
“What if you withdraw $1000 and get the full amount back within 90 days? Even if it goes back inside Voyager, would they be able to get their $1000 back?”
another A Voyager customer who withdrew funds before the company filed for bankruptcy said it was “doing nothing wrong.”
Voyager customers who withdrew their funds before Terra Luna’s crash on May 7, 2022 would have done so in good faith, unaware that market stress could affect the platform. .
Lavigne Clawback said it had not yet been confirmed.However, recent information suggests[s] they are going to pursue. ”