In accordance with a fresh press release released on December 19, the cryptocurrency exchange Binance.US will pay $1.022 billion to buy the assets of the defunct lender Voyager Digital. The company said that Binance.US represented the "highest and best bid for its assets" after considering its tactical choices.

The fair market value of Voyager's cryptocurrency holdings at a future date that has not yet been determined, plus an additional consideration worth $20 million in additive value, make up the $1.022-billion bid.

“The Company’s claims against Three Arrows Capital remain with the bankruptcy estate, and any future recovery on these and other non-released claims will be distributed to the estate’s creditors. The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”

The transaction must be completed by April 18, 2023. In good faith, Binance has committed to depositing $10 million and, up to a maximum of $15 million, paying back some costs incurred by Voyager. On January 5, 2023, the presiding bankruptcy court will hold a hearing to approve the purchase deal. The sale is additionally contingent upon a creditor's approval and other usual closing requirements.

Due to liquidity problems brought on by its exposure to a $650 million loan default from the now-defunct hedge fund Three Arrows Capital, Voyager halted withdrawals in July and filed for bankruptcy. In October, it was previously reported that ailing cryptocurrency exchange FTX US had received a bid of $1.4 billion for the assets of Voyager. The previous agreement allowed for the full payment of senior claims and the recovery of about 72% of the account value for unsecured creditors.

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