Voyager Digital, the bankrupt crypto lender, has decided to self-liquidate its assets and cease operations, after failing to secure a deal to sell to either FTX US or Binance.US.

The decision was revealed in a court filing on Friday, just 10 days after Binance US withdrew from a $1bn deal to acquire Voyager Digital’s assets, following US government intervention to block part of the sale.

Prior to this, Voyager had been in discussions with FTX regarding a potential sale, which was later canceled when FTX also went bankrupt last year.

Voyager’s lawyers have announced that the company’s customers will receive an initial recovery rate of only 36% of their crypto holdings, significantly lower than the expected rate of 72-73% if either of the acquisition deals had been successful.

The recovery rate for creditors of other bankrupt crypto platforms, such as Celsius, is expected to be around 70%.

However, Voyager’s recovery rate could increase if a bid by defunct crypto trading firm, Alameda Research, to reclaim $446m from Voyager’s estate is unsuccessful.

The court filing also revealed that Voyager’s lawyers have reserved $446m of the estate’s holdings for the Alameda suit, as well as an additional $259.6m for litigation costs, administrative claims, and other “holdbacks.”

Creditors who hold any of the 67 “supported” tokens, including BTC and ETH, will be able to withdraw their allowable percentage of crypto directly.

However, customers with any of the 38 “unsupported tokens,” including SOL and ALGO, will have their assets liquidated, and will receive payment in USDC stablecoin.