The Federal Trade Commission (FTC) is looking into the defunct cryptocurrency lender Voyager Digital as part of an investigation into the “deceptive and unfair marketing of cryptocurrencies to the public.” The FTC has stated that it is looking into the company because it is “deceptive and unfair marketing of cryptocurrencies to the public.”
In a document that was submitted to the United States Bankruptcy Court for the Southern District of New York, the Federal Trade Commission (FTC) made an announcement on the investigation. The document was filed with the court. The Federal Trade Commission (FTC) lodged an official objection to a reorganization plan that the court presiding over the Case had previously sanctioned in this particular document.
Voyager would not be held accountable for “real fraud, purposeful wrongdoing, or gross negligence,” according to the statement that was issued by the agency in the publication. The comment was made in reference to the planned restructuring plan. The FTC has now voiced its opposition to the proposed proposal to restructure the company.
Within its argument, the Federal Trade Commission (FTC) said that certain parties involved in the bankruptcy processes should not be exempt from claims. The Federal Trade Commission went on to add that this also encompasses “debts for ‘false representation,’ and ‘false pretenses.'”
This “violates both the Bankruptcy Law and appropriate case law,” as the agency stated in its written statement.
It is not the first time that regulators have voiced their concerns about the proposal.
The Federal Trade Commission (FTC) has just released an announcement regarding this matter; this is not the first time that US regulators have caused problems for Voyager after the firm filed for bankruptcy. In January of this year, an objection was submitted to the Securities and Exchange Commission (SEC) over a plan by Binance.US to purchase assets from a cryptocurrency lender that had gone out of business. The SEC objected to the scheme.
When Binance.US announced that it would be acquiring the ailing assets of Voyager Digital as part of a transaction that gave the insolvent business a valuation of about one billion dollars, this prompted the criticism that was mentioned earlier. Binance.US was obligated to comply with the terms of the agreement by making a deposit in the amount of ten million dollars and compensating Voyager for certain costs up to a maximum of fifteen million dollars.
FTX US had the plan to acquire assets that were quite similar to the scheme that Binance.US is proposing to implement, but that plan was unsuccessful because FTX filed for bankruptcy. Binance.US is proposing to implement a scheme that is quite similar to the plan that FTX US had to acquire assets. After that, Voyager started the process of soliciting bids for the company all over again, and in the end, Binance.US was the one that emerged successful.
In July of 2022, Voyager Digital filed a petition with the United States Bankruptcy Court for protection from bankruptcy under Chapter 11 of the United States Bankruptcy Code. At the time that the petition was submitted, the corporation said that it planned to try to put into action a reorganization plan and “maximize value for all stakeholders.” [Case in point:]
10 hours ago
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