FTX buys Voyager Digital’s assets for $1,42 billion
The crypto broker has retained the right to claims against hedge fund Three Arrows Capital
27.09.2022 - 07:30
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What’s new? Cryptocurrency exchange FTX bought the assets of the bankrupt crypto broker Voyager Digital for $1,42 billion after winning the auction. According to Voyager’s statement, this amount includes a fair market value of all cryptocurrencies in the company’s accounts of $1,31 billion, as well as $111 million of incremental value. According to Reuters, the broker has retained claims against cryptocurrency hedge fund Three Arrows Capital, which is also going through bankruptcy proceedings. They will remain as part of the bankruptcy estate, and the Voyager team will distribute all recovery received among the creditors.
What happened before? On July 1, Voyager announced a temporary suspension of all operations, and on July 6 it filed for bankruptcy. At the time, its liabilities were estimated to be in the range of $1 billion to $10 billion, and the number of creditors exceeded 100 000.
In July, Voyager’s lawyers criticized an offer by FTX and Alameda Ventures to buy back the platform’s digital assets and loans. The offer was deemed disadvantageous, noting that it could have harmed customers, jeopardize other potential deals and disrupt the bidding process itself.
Herewith, after the auction, it became known that the company Alameda Research, owned by FTX CEO Sam Bankman-Fried, would close the debt of $200 million to Voyager’s creditors. The payment will be made in the form of 6 553 BTC and 51 204 ETH.
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