Voyager Digital Announced Reorganization Plan, Will Return Crypto Customers Proceeds from 3AC Recovery, $VGX and Others

Crypto broker Voyager Digital released a statement to announce its reorganization plan on how to resume account access and return value to customers. For cash customers, the cash will be returned subject to a reconciliation and fraud prevention process. All customer cash is held in a customer account at Metropolitan Commercial Bank and is equal to the amount of cash in Voyager accounts. For crypto customers, Voyager currently has approximately $1.3 billion of crypto assets on the platform, plus claims against Three Arrows Capital (3AC) of more than $650 million. Under the proposed reorganization plan, customers with crypto in their accounts will receive a combination of the following assets: pro-rata share of crypto, pro-rata share of proceeds from the 3AC recovery, pro-rata share of common shares in the newly reorganized company, and pro-rata share of $VGX. Customers can select the proportion of crypto and common equity they receive, subject to certain maximum thresholds. Voyager said that the plan is subject to change and requires court approval.