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Seeking Alpha 2023-03-10 18:40:05

U.S. government appeals approval of Voyager Digital sale to Binance.US

The U.S. Justice Department appealed a court order that approved Voyager Digital's ( OTCPK:VYGVQ ) bankruptcy plan, creating an obstacle for the cryptocurrency lender's plan to sell its assets and transfer customers to Binance.US, Reuters reported Friday. The U.S. Attorney's Office for the Southern District of New York and the Office of the U.S. Trustee, which is the Justice Department's bankruptcy watchdog, filed a notice of appeal late Thursday in U.S. bankruptcy court in Manhattan. At hearings to consider Voyager's ( OTCPK:VYGVQ ) plan, lawyers for the U.S. Trustee and U.S. Attorney's office had opposed provisions the plan had to protect employees from potential legal claims resulting from actions taken during bankruptcy, Reuters said . They contended that Wiles's order approving the plan was written too broadly, and could potentially prevent the government from bringing enforcement actions or criminal charges if misconduct was later discovered. Wiles had overruled their objections, as well as one from the SEC , in approving the plan on Tuesday. SA contributor Chris Lau explains how Three Arrows Capital took Voyager Digital down with it.

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