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Bankrupt Crypto Ponzi Voyager Set To Auction Off Assets

CryptoWhale
CryptoWhale
Bankrupt crypto lender Voyager has announced they will be liquidating all their assets through an auction that is scheduled next week, on Sept. 13.
Voyager announced on Sept. 7 that it had received multiplied bids from several parties interested in buying up its assets.
Voyager
Voyagers, we want to let you know that multiple bids were submitted as part of the company’s restructuring process. As a result, an auction is scheduled for September 13th. (1/3)
The auction is scheduled to happen on Sept. 13, 2022, at the New York offices of Voyager’s investment bankers, Moelis & Company.
The bankruptcy court will deliberate on the outcome of the auction and look to approve the result on Sept. 29. Further adjustments may be made to the approval date if the court deems it necessary.
Who are the bidders?
Voyager in an Aug. 4 filing claimed that about a whopping 88 parties were interested in buying up its assets, of which 22 parties were in active discussion with the firm.
Not much is known about the interested parties as many of them had signed non-disclosure agreements (NDAs) with Voyager.
However, leading exchanges FTX and Binance are said to be actively pursuing the auction process. However, Voyager clapped back at FTX’s offer describing it as a low-ball bid. In the filing, Voyager said that several offers on its table are “higher and better than AlamadeFTX’s proposal.”
Consequently, the struggling crypto lender sent AlamedaFTX a letter asking it to desist from its offer claims which are allegedly inaccurate.
Customers’ claim process
Voyager added in the auction announcement that once the auction process is completed, customers’ would reclaim their assets.
The firm had communicated with customers on Aug. 24 detailing the guideline they should follow to be able to reclaim their crypto assets.
All customers had until Oct. 3, 2022, to review Voyager’s record of their indebted assets. Customers with a dispute are required to submit proof of claim before the bar date to have it resolved.
Once the winning bidder is announced, customers will receive further details about the claim process.
Amid the talks of the Voyager asset auction, many jumped back into the Ponzi, hoping it will make a comeback. Voyager has risen by 133% in the last month alone. Many of these buyers will get rekt, as the fundamentals of this bankrupt token are destined to fail.
Scam maximalists on Twitter have been non-stop shilling this bankrupt token again, trying to lure their sheep into buying, likely for exit liquidity. This is similar to what happened with Bitconnect in 2018, after the original collapse, we saw a 2nd “bull trap” rally, which ultimately failed.
Voyager Clients Reject Employee Bonuses
Last month, Voyager requested to approve $1.9 million of its funds for a “Key Worker Retention Plan” (KERP), which would give massive bonuses to 38 staff that the corporate claimed have been very important to its continued operation and restructuring.
However, the Official Committee of Unsecured Collectors – a bunch of Voyager prospects – objected, saying Voyager’s staff are “already well-compensated,” and arguing that the corporate has in any other case performed little to scale back prices.
This entire ponzi collapsed due to their fraud, gambling, and inability to manage risk, and afterward, they immediately try to give bonuses to those who caused it is sad. Those responsible for Voyagers’ collapse shouldn’t be paid a penny until the funds of the customers are repaid in full.
It’s good the crypto community came to its senses and rejected the company’s outrageous proposal.
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