Discover and read the best of Twitter Threads about #voyagerdigital

Most recents (4)

About that @FTX_Official offer to purchase certain assets from #VoyagerDigital's bankruptcy estate. It's not as good as it looks. 🧵
FTX and Alameda, a pair of @SBF_FTX entities, made an unsolicited offer for some of the assets of bankruptcy cryptocurrency broker Voyager Digital. 2/…
The offer has two components. First, Alameda will purchase Voyager's crypto holdings and its crypto loan positions (other than the disastrous 3AC loan) at fair market value. 3/
Read 23 tweets
There are a lot of anguished letters from #Celsius and #VoyagerDigital customers on the dockets. Many are pleading for the customer funds to be treated as customer property. No surprise there.

The Celsius letters bode trouble, however, in a way the Voyager letters don't. 1/
Letters in both cases express anger over being misled about the status of customer funds and a loss of trust that precludes reorganization.

But some of the Celsius letters are basically calls for a trustee or an examiner. 2/
Bankruptcy courts don't really like to appoint trustees or examiners. Conventional wisdom is that appointing a trustee virtually guaranties a liquidation, and examiners are an expense without any clear benefit. 3/
Read 7 tweets
1. Another defense against a clawback attempt: #Voyager may not have been insolvent until June 27, the day when 3ac defaulted on its loan.

Disclaimer: I am not a bankruptcy lawyer!

#VoyagerDigital #VoyagerBankruptcy
2. Everyone talks about the 90-day preference period, but the trustee can’t always void payments made during that full period.
3. Under Section 547(b) of the Bankruptcy Code the payment must be made while the bankrupt entity was insolvent.
Read 11 tweets
#ThreeArrowsCapital Has Defaulted On a $670 Million Loan

#3AC Is One Of Crypto's Most Prominent Hedge Funds & This Has a MAJOR Knock-On Effect 👇🧵
1/ #VoyagerDigital announced on Monday:

#3AC Failed to pay back 👇

- $350 million in $USDC
- 15,250 #BTC

The total amount stands at more than $670 million…
2/ Weeks of turmoil & negative price action have increased pressure tremendously & a number of reputable leading blockchain groups have started to buckle under the pressure..

The media narrative makes it seem like insolvency is on the horizon for #3AC

Other signs include..👇
Read 7 tweets

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