Troubled crypto lender Voyager Digital has been granted permission by Judge Michael Wiles to give customers back $270 million in cash held with Metropolitan Commercial Bank.
The bank earlier filed a statement in court supporting the firm’s motion to honor withdrawals from the For Benefit of Customers (FBO) accounts.
The bank supported Voyager’s motion to liquidate crypto from customer accounts with a negative balance, sweep cash held in third-party exchanges, conduct ordinary course reconciliation of customer accounts, continue staking crypto, and granting related relief.
Moreover, the judge’s ruling resulted in a 41% increase in the share price of Voyager from $0.085 to $0.14, providing insight into how investors are quantifying the lender’s developments.
Also, in a Second Day Hearing Presentation on Thursday, Voyager said that it has received word from around 88 interested parties, and the company is in ‘active discussions’ with over 20 potentially interested parties. The final bid deadline is on August 26 and the sale hearing will be held on September 7.
Voyager has previously said that it has received “higher and better than Alameda FTX’s proposal,” through its marketing process. The firm rejected Alameda’s offer and called its proposal a ‘low-ball bid dressed up as a white knight rescue’ benefitting FTX itself.
On the other hand, FTX’s CEO Sam Bankman-Fried believes that the bailout offer made by FTX, FTX.US, and Alameda would ensure that the customers don’t lose any more funds.
