GM, this is The Crypto Explorer, the Domino’s Pizza of newsletters, we come to you hot and fresh every day. 🍕

Here’s what we got for you today:

• 💰 Tether invests in Bitcoin!

• 👨‍⚖️ Voyager's Customers to receive a 35% initial payout

• 🧱 Around The Block: FTX leadership sues SBF over $220M deal

   

Tether Invests in Bitcoin!

Tether's latest investment plan is simple.

Make Profits, Buy Bitcoin!

They plan to allocate 15% of their net profits to buying Bitcoin.

Tether's stablecoin (USDT) is currently sitting pretty as the third-largest digital asset globally with a total market capitalization of $82.7 billion, trailing behind (BTC) and ether (ETH).

So why make this move now?

The company stated that its investment decision is part of its conservative and prudent approach aimed at strengthening, increasing, and diversifying its reserves.

As of March, Tether's reserves held approximately $1.5 billion worth of Bitcoin.

That's quite a chunk of change! 🤑

However, Tether expects that its existing and future Bitcoin holdings in reserves will not exceed the Shareholder Capital Cushion.

Tether keeps a transparency report of the value of their reserve.

You can find it here.

And guess what? Tether isn't the only one hopping on the Bitcoin train.

They're just joining the trend of institutional/retail investors such as Microstrategy that have embraced Bitcoin as part of their investment strategy.

It's like a party on the blockchain, and Tether wants to ensure they don't miss out on the fun! 🥳💃

So, let's raise our glasses (or should I say wallets?) to Tether's adventurous Bitcoin escapade. 🥂

 Voyager’s Customers to Receive 35% Initial Payout

Voyager has received the green light to proceed with its liquidation plan.

The plan aims to return approximately $1.3 billion to its customers, which accounts for about 75.68% of the total customer claims against Voyager's estate.

However, the initial estimated recovery for customers is only 35%.

There's a chance the estimated recoveries could increase.

However, that's dependent on Voyager successfully retrieving approximately $445 million in loan repayments owed to the lender by FTX (prior to its collapse).

It is also a creditor in the liquidation of Three Arrows Capital and may be able to return recoveries based on that outcome as well.

Fingers crossed 🤞

Now, the real question on everyone's minds is: How do we get our money back?

Voyager is offering two options to its customers:

1. Take your initial recovery in crypto through the Voyager platform, or

2. Wait until the crypto withdrawal period is over to receive your initial recovery in U.S. dollars.

The choice is yours, what will it be?

You can read the full detail of the plan here.

But guess what? This wasn't always the grand plan Voyager had in mind.

Voyager had to revise its bankruptcy plan in early May after Binance.US backed out of a $1 billion deal to purchase Voyager's assets.

Thankfully, Voyager had a backup plan ready to go.✔️

Following Binance.US's announcement, Voyager stated that their Chapter 11 plan enables the direct distribution of cash and cryptocurrency to customers via the Voyager platform.

Crisis averted! Phew! 😅

🧱 Around The Block: FTX LEADERSHIP SUES SBF OVER $220M DEAL

• ⚖️ Legal Battle: FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy.

• 📑 Ripple case: SEC Hinman Doc could become public by June 6, lawyer says.

• 😳 AUD Fiat Services: Binance Australia suspends AUD Fiat services, citing issues with third parties.

• 🆕 Launch: GridPlus to open source wallet firmware in Q3 amid Ledger debacle.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research