Texas authorities object to Voyager's disclosure statement in its current form

The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in court against Declarația de divulgare a Voyager Digital, questioning the various methodologies and calculations used to estimate the fair market value of the bankrupt exchange’s crypto assets.

Într-o rugăminte depusă with the United States Bankruptcy Court for the Southern District of New York, the attorneys for the SSB and DOB objected to the order approving the adequacy of Voyager’s amended disclosure statement. Voyager Digital filed for Chapter 11 bankruptcy in New York in July 2022, while proposing a recovery plan for investors.

The Texas state authorities argued that Voyager’s disclosure statement, which asserted that creditors might get a 70% return, fails to explain the methodology used to calculate the average coin prices, adding that:

„Debitorii (Voyager) nu au fost niciodată autorizați de către SSB sau DOB și se confruntă cu amenzi și penalități foarte mari pentru operarea fără licență. De asemenea, FTX nu are licență pentru a face afaceri în statul Texas.”

The attorneys further highlighted that with the court that crypto exchange FTX offers a product similar to ‘Voyager Earn Program,’ a Voyager offering that has been subject to cease-and-desist orders from multiple states in the US.

As a resolution, the SSB and DOB seek the denial of Voyager’s disclosure statement in its current form. Moreover, it demands that Voyager discloses the methodology and calculations used to determine its fair market value for funds recovery.

În octombrie 5, FTX US a asigurat oferta câștigătoare pentru activele Voyager. According to Voyager, the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion, along with $111 million in “incremental value.”

The hearing date for the case has been slated for Oct. 19 at the time of the writing.

Pe 30 septembrie, SSB, DOB și Departamentul de Reglementare Financiară din Vermont s-a opus planurilor creditorului cripto Celsius de a-și vinde deținerile de monede stabile, arguing that the firm could use the resultant capital to resume operating in violation of state laws.

Celsius reached out to the United States Bankruptcy Court for the Southern District of New York, seeking permission to sell its stablecoin holdings, reportedly worth $23 million.