During the COVID-19 pandemic, crypto operators like Voyager had seen a surge in business, luring clients with high fees and convenient loans available that conventional banks hardly ever gave. Lenders have been harmed from the precipitous decline in cryptocurrency markets, which was prompted by the failure of two significant tokens in May.
Voyager, a New Jersey-based company set up in Toronto, stated in its Chapter 11 bankruptcy petition filing last July that it had more than 100,000 debtors, assets valued between $1 billion and $10 billion, and liabilities of roughly the same amount.
According to sources with insight into the situation who talked to the Wall Street Journal, Binance and FTX have given the highest proposals of nearly $50 million for the assets of collapsed crypto lender Voyager Digital. According to the article, neither offer has been approved as of yet.
According to the sources, Binance's bid price is marginally higher than FTX.
FTX and Binance were vying to buy Voyager's assets at the bankruptcy auction, which took place last week in New York, based on a previous story by CoinDesk. The auction's final results are slated to be disclosed on September 29, albeit this date may be earlier.
When contacted for comment on this report, neither FTX nor Binance gave a prompt answer.
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