• Voyager obtains court clearance to return $270 million and claims it received higher bids than FTX

  • The $270 million placed with Metropolitan Commercial Bank by struggling crypto lender Voyager Digital has been returned to its customers.

    According to the report, Judge Michael Wiles found that Voyager had provided a “adequate basis” for its consumers to have access to their bank funds.

    The crypto lender had asked the court for authorization to honor withdrawals from its Metropolitan Bank For Benefit of Customers (FBO) account. In addition, the bank filed a motion in favor of Voyager Digital’s desire to fulfill these withdrawals.

    Better buyout proposals have been made to Voyager.

    Voyager revealed that it has received superior buyout proposals than FTX.

    The firm stated that as many as 88 parties have expressed interest in purchasing the company and that it is in active conversations with more than 20 of them.

    Furthermore, Voyager stated that numerous bids are “higher and better than AlamedaFTX’s offering.” According to Voyager lawyer Joshua Sussberg, the offer from FTX is the lowest the company has received.

    There is no additional information available regarding the other bids.

    FTX claimed its offer for Voyager was the best for its clients, but the distressed company disagreed.

    Voyager, on the other side, termed FTX’s offer as a low-ball deal that solely favors AlamedaFTX and does not provide full value to clients.

    The firm stated that it had submitted a cease and desist letter to AlamedaFTX regarding the bid’s misleading public assertions.

    Customer concerns

    Customers had expressed their worries to the crypto lender via letters to the court and social media sites, according to the crypto lender.

    Some of the issues, according to the crypto lender, have included whether Voyager committed fraud, cash withdrawals, and whether there are interested parties that want to acquire the firm.

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