A proposed $1 billion trade between Voyager and Binance.US has been temporarily halted by a federal judge in the U.S. District Court in New York. The decision comes after the United States government requested an exigency stay, which was granted by Judge Jennifer Rearden on March 27. The DOJ filed the emergency operation for a stay on March 17, but it was challenged by Voyager Digital and the Official Committee of relaxed Creditors on March 20. The government’s reply was issued on March 21, and the matter was subsequently taken to court, with Judge Rearden allowing for further time to pursue prayers that challenge the deal. The federal judge will soon release an opinion explaining the decision in further depth.
The cryptocurrency trading establishment had filed for Chapter 11 ruin on July 5 and had been visionary in coordinating a plan to redistribute finances ever since. However, U.S. controllers have made multiple attempts to halt the deal. The U.S. Securities Exchange Commission argued on March 15 that Voyager’s ruin plan would lead to fraud, theft, or duty avoidance, but the claim was denied by Judge Michael Wiles.
Over 97% of 61,300 Voyager account holders favor the restructuring plan, according to a bean released in a Feb 28 court form. The plan is anticipated to pay out 73% of what Voyager guests are owed. The Voyager Official Committee of relaxed Creditors has said that they “will continue to aggressively oppose the Government’s actions.”