Voyager Digital, the bankrupt crypto broker, has submitted a plan for its customers to recover their assets through Binance US.
The early opt-in period began last week, allowing Voyager customers to start sharing their data to create new or link existing Binance US accounts. The two companies expect the deal to close and payments to start in March.
However, customers in Hawaii, New York, Texas, and Vermont may have to wait up to six months longer as Binance US cannot create accounts for users in states where it is not allowed to operate.
If Binance US does not receive the necessary licensing and authorization within 6 months of the asset purchase agreement closing, Voyager will convert the distributions allocated to these customers to cash and distribute them separately.
Voyager’s US-based customers must provide personal details such as their email address, social security number, and date of birth so that a Binance US account can be created on their behalf. A claims portal set up by Voyager also shows users the value of their assets filed for bankruptcy on July 5, 2022.
It is important to note that customers may not receive 100% of what they are owed. The actual recovery amount will be a percentage of the claim amount as determined by Voyager’s rebalancing.
The Official Committee of Unsecured Creditors of Voyager explained on Twitter that actual recovery will depend on market prices.
Voyager has a relatively high percentage of altcoins, which have underperformed in the market compared to Bitcoin (BTC), Ethereum (ETH), and stablecoins.
These crypto movements are the primary driver of any changes to recovery value. For example, using market prices on December 18, 2022, customers would have seen a 51% recovery of their assets.
However, the creditor committee later clarified that this percentage was for illustration purposes only and actual payouts will depend on the market on the day the deal closes.
