A Voyager Digital creditor and finance lawyer has filed a motion in the crypto brokerage’s bankruptcy trial to appoint a Chapter 11 trustee, which would take control of Voyager’s estate away from the company.
Michelle DiVita, the Voyager creditor, has accused Voyager of having a history of financial statement inaccuracies and public misrepresentations, which were known or discoverable at the start of the bankruptcy proceeding.
The filing alleges that Voyager underreported a loan to crypto hedge fund Three Arrows Capital by $609 million and undervalued Bitcoin in its financial reports to downplay the size of its loans.
The bankruptcy proceedings already involve a US trustee who may appoint a bankruptcy trustee to manage the debtor’s affairs if the debtors are not allowed to do so themselves.
Meanwhile, Voyager and its creditors have opposed an attempt by bankrupt trading firm Alameda Research to recover $446 million in loan repayments.