The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) raised an objection in court docket towards Voyager Digital’s disclosure statement, questioning the varied methodologies and calculations used to estimate the truthful market worth of the bankrupt alternate’s crypto belongings.
In a pleading filed 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 assertion. Voyager Digital filed for Chapter 11 chapter in New York in July 2022, whereas proposing a restoration plan for traders.
The Texas state authorities argued that Voyager’s disclosure assertion, which asserted that collectors may get a 70% return, fails to clarify the methodology used to calculate the common coin costs, including that:
“The Debtors (Voyager) have never been licensed by the SSB or the DOB and faces very large fines and penalties for operating without a license. FTX is also not licensed to do business in the State of Texas.”
The attorneys additional highlighted that with the court docket that crypto alternate FTX gives a product much like ‘Voyager Earn Program,’ a Voyager providing that has been topic to cease-and-desist orders from a number of states within the US.
As a decision, the SSB and DOB search the denial of Voyager’s disclosure assertion in its present type. Moreover, it calls for that Voyager discloses the methodology and calculations used to find out its truthful market worth for funds restoration.
On Oct. 5, FTX US secured the winning bid for the assets of Voyager. According to Voyager, the bid was made up of the truthful market worth of its crypto holdings “at a to-be-determined date in the future” estimated to be round $1.3 billion, together with $111 million in “incremental value.”
The listening to date for the case has been slated for Oct. 19 on the time of the writing.
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On Sept. 30, the SSB, DOB and the Vermont Department of Financial Regulation objected to crypto lender Celsius’ plans to sell off its stablecoin holdings, arguing that the agency may use the resultant capital to renew working in violation of state legal guidelines.
Celsius reached out to the United States Bankruptcy Court for the Southern District of New York, looking for permission to promote its stablecoin holdings, reportedly value $23 million.
