The American Binance entity has submitted a winning bid for the bankrupt cryptocurrency firm’s assets.

According to a press release, Voyager Digital Ltd. announced that Binance.US, an American licensed entity independent of Binance international, will acquire the assets of the failed cryptocurrency firm. The deal will be for $1.022 billion, as the firms seek “the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”

Voyager Digital’s claim against Three Arrows Capital remains within the bankruptcy estate and any claims awarded will be directed towards that estate’s creditors.

Back in July of 2022, Voyager Digital commenced restructuring processes after they announced they had a loan to Three Arrows Capital for 15,250 BTC and $350 million USDC. Three Arrows Capital faced bankruptcy in July as well, as a result of cascading contagion from the LUNA/Terra collapse prior. Bitcoin Magazine PRO also reported that Voyager Digital had loaned $376 million to the now bankrupt Alameda Research fund, owned by FTX exchange co-founder Sam Bankman-Fried.

A bid for bankruptcy court approval of the asset buyout is set to take place on January 5, 2023.

The press release states that “The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” and that the firm will make a $10 million good-faith deposit up front. Should the deal not close by April of 2023, the agreement allows Voyager to begin returning value to customers.