The assets of defunct cryptocurrency lender Voyager Digital Ltd. VYGVQ have attracted the highest bids from cryptocurrency exchanges FTX and Binance, according to the Wall Street Journal, which cited persons familiar with the situation.
According to the WSJ, the current offer from Binance is around $50 million, which is only marginally higher than the rival offer from FTX, which is led by Sam Bankman-Fried. However, neither offer has been accepted as of yet.
See Also: Binance’s Effort To Buy Voyager Assets Could Be In Jeopardy Over National Security Concerns: Report
The auction’s final results are anticipated to be disclosed on Sept. 29, although a winner could be announced earlier.
A deal for Voyager could bring a relatively tidy end to one of the most dramatic happenings that help trigger a terrible year for cryptocurrency.
Early in July, Voyager stopped allowing consumers to withdraw their money as cryptocurrency prices tanked. Voyager’s failure didn’t trigger government-backed deposit insurance that makes most bank customers whole, which came as a surprise for many Voyager users.
Voyager’s Chapter 11 case would not be resolved by a purchase. However, American bankruptcy law permits asset sales, allowing struggling businesses to maximize the amount of money they can recoup to satisfy their debtors.
Disclosure: Benzinga CEO Jason Raznick is a member of the unsecured creditor committee in the Voyager Digital bankruptcy case.
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Image and article originally from www.benzinga.com. Read the original article here.