The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) have questioned the various methodologies and calculations used to estimate Voyager Digital’s crypto assets.
The agencies, in a pleading filed with the US Bankruptcy Court for the Southern District of New York, objected to the order approving the adequacy of Voyager’s amended disclosure statement. The SSB and DOB argued that Voyager’s disclosure statement fails to explain the methodology used to calculate the average coin prices. They stated that Voyager has never been licensed by the SSB or the DOB, and faces very large fines and penalties for operating without a license.
Attorneys of the two agencies said crypto exchange FTX offers a product similar to the “Voyager Earn Program” – a Voyager offering that has been subject to cease-and-desist orders from multiple states in the United States. The SSB and DOB, as a resolution, seek the denial of the bankrupt firm’s disclosure statement in its current form. They want Voyager to disclose the methodology and calculations used to determine its fair market value for funds recovery. It should be noted that FTX US secured the winning bid, made up of the fair market value of its crypto holdings, for the assets of Voyager on October 5. The assets are estimated to be around $1.3 billion with $111 million in incremental value.