Voyager secures court approval to refund $270M, says it received better offers than FTX bid

Struggling Crypto Lender Voyager Digital Granted To Return $270 Million Of Clients Deposited With Metropolitan Commercial Bank, Wall Street Journal report August 4th.

According to the report, Judge Michael Wiles ruled that Voyager presented “sufficient grounds” to allow its customers access to the bank’s funds.

A cryptocurrency lender sought court permission to allow withdrawals from accounts for customers (FBO) at Metropolitan Bank. The bank also filed a motion upholding Voyager Digital’s request to honor these withdrawals.

Voyager received a better takeover offer

Voyager clearly I received a better buyout offer than the one offered by FTX.

The company said that as many as 88 parties have expressed interest in acquiring the company, and that it is in active discussions with more than 20 of them.

Additionally, Voyager notes that some proposals are “higher and better than AlamedaFTX’s.”Voyager Counsel Joshua Sussberg told the court The offer from FTX is the lowest the company has received.

No further information is available about the other bids.

FTX said its proposal for Voyager was the best for its customers, but was challenged by the beleaguered company.

Voyager, on the other hand, described FTX’s offer as a low-priced bid that only benefits AlamedaFTX and does not provide enough value to its customers.

The company said it has sent a cease and desist letter to AlamedaFTX over the inaccurate public statements it has made regarding the tender.

customer concerns

The cryptocurrency lender said customers have expressed concerns through letters to courts and social media platforms.

According to the cryptocurrency lender, some of the concerns were about whether Voyager committed fraud, cash withdrawals, and whether there are interested parties who want to buy the company.