Crypto Lender Voyager Says Majority of Customers Voted for Restructuring Plan With Binance.US

The plan will be discussed during a bankruptcy hearing on Thursday.

AccessTimeIconMar 1, 2023 at 1:31 a.m. UTC
Updated Mar 1, 2023 at 3:19 p.m. UTC

Crypto lender Voyager Digital Holdings, which filed for bankruptcy protection last year, said Tuesday night that 97% of its customers, representing 98% of total claims, voted in favor of a Chapter 11 restructuring plan under which Binance.US will acquire some of its assets.

Overall, the 98% of claims from account holders represent over $500 million worth, with unsecured claims representing another $3 million or so (of which, $2.95 million represent unsecured claims against the TopCo and $40,000 represent claims against the holding company), according to a filing made late Tuesday night. The company will appear at a bankruptcy hearing on Thursday where its attorneys will seek court approval for the restructuring plan.

A majority of the company's creditors also voted to opt their claims into a "wind-down entity," according to a breakdown of votes included in a declaration by Stretto director Leticia Sanchez. In that tabulation, 65% of Class 3 Ballots, referring to account holder claims, voted to opt in, while 85% of "holders of claims or interests in the non-voting classes" voted to opt in.

The plan has faced opposition from regulators, with both state and federal regulators expressing concerns about Binance.US' role in Voyager's restructuring.


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Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.