The Federal Trade Commission announced a settlement with bankrupt crypto company Voyager that will permanently ban it from handling consumers’ assets and is filing suit against its former CEO, Stephen Ehrlich, for falsely claiming that customers’ accounts were insured by the Federal Deposit Insurance Corporation (FDIC) and were “safe,” even as the company was approaching an eventual bankruptcy.

Voyager said on its website that customers could now expect to receive 35.72% of their claims initially, either in crypto through the Voyager app or in cash after 30 days. According to Voyager, it had $1.33 billion of assets for recovery as of May 8, of which $629.8 million was available for initial recovery, on claims of $1.8 billion.

FTX, the bitcoin exchange founded by billionaire Sam Bankman-Fried, is set to buy Voyager Digital’s assets after winning a bankruptcy auction. FTX’s bid was valued at roughly $1.4 billion, the companies said in a statement late Monday. Voyager has hinted at a possible transition of its customers over to FTX U.S.