The assets of a defunct cryptocurrency lender Voyager Digital Ltd. VYGVQ have received the highest bids from cryptocurrency exchanges FTX and binance, according to the Wall Street Journalciting people familiar with the situation.
According to WSJ, Binance’s current supply is around $50 million, only marginally higher than the competing supply of FTX, which is led by Sam Bankman Fried. So far, however, no offer has been accepted.
See also: Binance Efforts to Buy Voyager Assets Could Be at Risk Over National Security Concerns: Report
The final results of the auction are expected to be announced on September 29, although a winner could be announced sooner.
A deal for Voyager could bring a relatively decent ending to one of the most dramatic events that help set off a terrible year for the cryptocurrency.
In early July, Voyager stopped allowing consumers to withdraw their funds as cryptocurrency prices plummeted. Voyager’s failure did not trigger a government-backed deposit insurance scheme that keeps most bank customers sane, which came as a surprise to many Voyager users.
Voyager’s Chapter 11 case would not be resolved by purchase. However, US bankruptcy laws allow for the sale of assets, allowing struggling companies to maximize the amount of money they can recover to pay off their debtors.
Disclosure: Benzinga CEO Jason Raznick is a member of the unsecured committee of creditors in Voyager Digital’s bankruptcy.
Continue reading: $200 million worth of crypto being returned to Voyager Digital by Sam Bankman-Frieds Alameda Research
