The Auction Announcement

In a recent twist in the wild world of crypto, bankrupt lender Voyager Digital has officially filed a notice with the United States Bankruptcy Court for the Southern District of New York, signaling its intent to auction off remaining assets. Mark your calendars—this high-stakes auction is set for September 13, and the venue will be none other than the Manhattan office of Moelis & Company, their investment banker.

What’s at Stake?

Now, for the juicy details. Voyager had initially planned to hold the auction on August 29, but apparently, they decided to give the bidding war a little more time to heat up. As they say in the auction world, the more the merrier! To go ahead with the auction, there needs to be a chorus of interested parties—competition is the name of the game.

A Bid from FTX

In a twist of fate, FTX got an early jump into the mix, waving their hands to bid on all Voyager assets (well, almost all—the company’s dealings with Three Arrows Capital were left off the table). But much to FTX’s dismay, Voyager labeled their offer as a ‘lowball,’ and rejected it quicker than you can say ‘chapter 11.’

Customer Concerns

To add another layer of drama, Voyager suspended all trading, deposits, and withdrawals on July 1, and days later announced they were diving headfirst into Chapter 11. They might have the bankruptcy wings on their side, but they’re promising their customers that they’ll receive quite the recovery package—think crypto in their accounts, shares in a newly restructured company, and some Voyager Tokens, too.

Cash Bonuses for Key Employees

In an odd pair of shoes, the court even allowed Voyager to sprinkle $1.9 million in bonuses for key employees, despite the chorus of booing from investors. Talk about keeping the cupboard stocked while handing out premier crumbs! To top it all off, the Voyager Token has reportedly seen a 38.92% increase. So, while the ship is sinking, some peanuts seem to float right on by!