Voyager’s VGX Token Soars as Bankruptcy Judge Signs Off on Binance.US Plan

Binance.US has agreed to pay $1.3 billion in an agreement to acquire Voyager’s assets

March 7, 2023 05:42 pm

Tada Images/Shutterstock.com modified by Blockworks

A federal US bankruptcy court signed off on Voyager’s long awaited restructuring plan on Tuesday, with Binance.US officially stepping in as the crypto credit company’s expected financial savior.

Binance.US has agreed to cough up $1.3 billion in the process, according to multiple reports, in an agreement to acquire Voyager’s assets. The billion dollar-plus payout, according to Reuters, accounts “for the bulk of the deal’s valuation.”

Voyager’s numerous creditors — including retail customers whose assets have been locked up on the platform since 2022 — have been increasingly ramping up settlement pressure. The creditors and their attorneys have gone up against repeated complications in that attempt, including objections born out of regulatory concerns.

Binance.US in December 2022 reached a tentative agreement to purchase Voyager outright for $1.022 billion, Blockworks previously reported. In the interim, the SEC stepped in to object to that outcome, bogging down the bankruptcy proceedings.

Voyager’s VGX token soared more than 40% on the news of Binance.US’ original handshake agreement, before giving up much of its gains.

As word of the new deal percolated on Tuesday — a deal which still faces a number of prerequisite sign offs, meaning it does not appear to be finalized in full — VGX jumped again.

The lender’s native token was up 25.8% on the day through early Tuesday evening in New York, according to Blockworks Research.

Get the news in your inbox. Explore Blockworks newsletters: