What happens to VGX?

  • Updated

On May 27th, 2023, the Plan Administrator filed a proposed amendment to the Liquidation Procedures under which the Plan Administrator will hold back all Unsupported Tokens until a determination can be made regarding whether, and to what extent, they can be liquidated. 

This amendment was prompted by certain statements made by the SEC. These statements necessitate additional action by the Plan Administrator concerning certain cryptocurrencies on the Voyager platform. Specifically, the Plan Administrator intends to seek clarification from the Bankruptcy Court that a liquidation of Unsupported Tokens and, as necessary, Supported Tokens, is consistent with applicable nonbankruptcy law (e.g., securities laws). We do not yet have an estimated timeline for when clarification will be provided.

A hearing on the amended Liquidation Procedures is currently scheduled for June 6. If the Bankruptcy Court approves the amended Liquidation Procedures, the Plan Administrator intends to move forward with making the initial distribution of Supported Tokens as soon as practicable.