The Texas securities regulator SSB and the Texas banking regulator DOB have objected to the assets of the insolvent crypto platform Voyager Digital in their bankruptcy proceedings. The authorities are particularly bothered by the methodology and the calculation process for determining the actual market value of the Voyager assets.
In a corresponding application to the bankruptcy court of New York, the lawyers for SSB and DOB deny the legality of Voyager's financial information. The crypto company opened so-called "Chapter 11" bankruptcy proceedings in New York in July 2022 and presented a repayment plan for the creditors.
The two Texas authorities argue that Voyager's asset figures do not make it clear how the crypto company calculated the average market values of the remaining crypto assets. The assertion that the creditors could get back up to 70% of their money is correspondingly unfounded.
The authorities also state:
“The debtor (Voyager) is not licensed by either the SSB or the DOB, and is therefore subject to significant penalties for conducting business without a license. The FTX is also not licensed in Texas.”
This would be particularly problematic because crypto exchange FTX offers a savings product similar to Voyager's income account, as the Voyager Earn Program has now been banned in many US states.
For these reasons, the SSB and DOB want to ensure that the Voyager assets are not allowed in their current form. In addition, the crypto platform should be obliged to disclose the calculation methods used to create this information.
On October 5th, influential crypto firm FTX successfully auctioned off Voyager’s remaining assets . According to Voyager, the purchase price is made up of the fair market value of the crypto assets in question “at a certain point in time in the future” and amounts to almost 1.4 billion US dollars.
The next hearing in the bankruptcy case is scheduled for October 19.
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