Voyager Digital has recovered $484.35 million from settlements with FTX, Three Arrows Capital (3AC), and D&O insurance, according to an update submitted to the U.S. Bankruptcy Court for the Southern District of New York. This recovery includes a $450 million settlement with FTX, which represents around 25% of creditors’ original claims and will be distributed soon.
In addition, Voyager has secured approximately $675 million from ongoing litigation with 3AC, including an initial distribution of $20.43 million. Voyager also reached an agreement through D&O insurance mediation, securing at least $14.35 million for its creditors.
Despite these positive recoveries, Voyager faces operational challenges such as uncashed checks totaling $17 million, with a deadline set for April 20, 2024, for them to be considered unclaimed and cancelled. Voyager is also dealing with the aftermath of an FTX data breach and ongoing investigations into its impact.
Voyager filed for Chapter 11 bankruptcy in July 2022 due to market turbulence, including the collapse of the Terra ecosystem. By May 2023, a restructuring plan suggested that customers could recoup 35.7% of their claims in cryptocurrency or cash. In November 2023, Voyager settled with the FTC for $1.65 billion in monetary relief.