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Iranian Parliament Speaker Ghalibaf: The world is standing at the beginning of a new order. The future belongs to the Global South.Iran will reopen its stock market on Tuesday, May 17, according to a report by the Islamic Republic News Agency (IRNA) on Saturday, citing a senior official. The report stated that trading had been suspended due to conflicts with the United States and Israel. Hamid Yari, deputy supervisor of the Iranian Securities and Exchange Organization, said, "The suspension of stock market activities since the outbreak of the war was aimed at protecting shareholder assets, preventing panic trading, and creating a more transparent pricing environment." He added, "Now, with the reopening of the stock market, we will see all sectors of the capital market fully resume operation."On May 17th, according to the Financial Times, two Federal Reserve officials nominated by US President Trump opposed allowing Jerome Powell to serve as interim chairman of the Fed "without time limit." This highlights the escalating political divisions within the central bank amid continued attacks from the White House. Powells second term as Fed chairman ended on Friday. He was appointed interim chairman to assume the duties until his official successor, Warsh, takes office. Milan and Bowman, nominated by Trump to the Feds board of governors, stated in a joint statement that they supported Powells temporary appointment as interim chairman, but "could not support this action" because the arrangement was "without time limit." Milan voted against it, while Bowman abstained. Milan and Bowman stated that Powells interim chairmanship "should be limited to a clearly defined and finite timeframe, at least one week," but they "can support a maximum period of one month."On May 17, the Africa Centres for Disease Control and Prevention (Africa CDC) convened an emergency regional coordination meeting on May 16, local time, to discuss and deploy a new round of Ebola prevention and control efforts with relevant personnel from the Democratic Republic of Congo, Uganda, South Sudan, the World Health Organization, and the African Medical Association. The meeting focused on current priorities, including cross-border surveillance and early warning management, infection prevention and control, case management, close contact management, logistical support, and resource mobilization.On May 17, US President Trump warned Iran that it would face a "very bad situation" if a peace agreement was not reached soon. In a telephone interview with French broadcaster BFMTV, Trump said, "They are interested in reaching an agreement." Iranian Foreign Minister Araqchi said on Friday that the Iranian government had received a message from the Trump administration indicating its willingness to engage in new negotiations, but he also warned that "distrust" of Washingtons true intentions remained.

What the Voyager Digital Bankruptcy Means for Your Cash and Crypto

Skylar Shaw

Jul 12, 2022 14:43

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After publishing an update on the assets kept by users on its platform, Voyager (OTCMKTS:VYGVF) is once again in the news. This is the most recent development in the tale since Voyager Digital filed for bankruptcy on July 6.


Since Voyager stopped all withdrawals, deposits, and incentives on July 1st, users have been living in a world of uncertainty. The collapse of the cryptocurrency hedge fund Three Arrows Capital was cited as the reason for the crypto lender's decision to file for Chapter 11 bankruptcy (3AC). Before 3AC disclosed its insolvency, Voyager had financed it $650 million.


If the Federal Deposit Insurance Corporation (FDIC) is backing the US dollars (USD) on the platform is another contentious issue (FDIC). The FDIC is now investigating Voyager's client outreach for deposit insurance.


However, based on the most recent business update, it seems that Voyager clients will be able to receive their USD back. Now let's discuss the specifics.

What Your Cash and Crypto Means After the Voyager Digital Bankruptcy

According to the update, Voyager maintains USD in a Metropolitan Bank For Benefit of Customers (FBO) account (NYSE:MCB). The USD balance in each customer's account is the same as the USD balance Voyager has in its FBO account. Customers' USD will thus be available following "a reconciliation and fraud prevention procedure" and is FDIC-insured. Voyager stressed:


"To be clear: Voyager does not handle client cash; that cash is housed at MCB. FDIC insurance does not protect against the demise of Voyager."


The platform's crypto assets are a separate matter, even if it seems that the FDIC covers Voyager's USD. Currently, Voyager has around $1.3 billion worth of cryptocurrency holdings. Customers will be compensated for their current holdings under the parameters of the Chapter 11 restructuring plan with a mix of cryptocurrency and stock. Customers may choose how much common stock and cryptocurrency they want to get.


Voyager tokens and the remaining cryptocurrency were returned. Customers will furthermore get common shares in the newly reformed firm and money recovered from 3AC. Voyager points out that the suggested approach might yet alter.


Voyager is now seeking further strategic options. The potential of a "third-party investment or sale" was also acknowledged by the corporation.

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