Voyager Digital, the bankrupt crypto lender, has revealed plans to liquidate its assets and shut down operations after unsuccessful acquisition deals with FTX and Binance.US.

The company’s lawyers stated that customers will recover only 36% of their crypto holdings, a much lower rate than the expected 72-73% if the Binance.US acquisition had gone through.

However, this rate could increase if Alameda Research fails to claw back $446 million from Voyager’s estate. Voyager’s lawyers are also withholding further funds, including $259.6 million for litigation costs, administrative claims, and other holdbacks.

The recovery rate is considerably low, with creditors of bankrupt Celsius estimated to receive 70% of their holdings back.