Crypto Lender Voyager’s Bankruptcy Auction Begins
Crypto lender Voyager Digital Ltd., which is at present bankrupt, has begun its auction in New York. The venue for the auction is at the midtown office of investment bank Moelis. The auction can stretch beyond Tuesday. The result of the bid or the bids shall be disclosed in a hearing which has been scheduled […]
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The centralized crypto lender rejected an had offer from FTX after it filed for Chapter 11 bankruptcy reorganization in July after 3AC defaulted on a loan and its debts topped $1 billion. Bankrupt centralized crypto lender Voyager Digital filed a notice Tuesday with United States Bankruptcy Court for the Southern District of New York informing the court of its intention to hold an auction of its remaining assets. The auction is proposed to take place on Sept. 13 at the Manhattan office of Digital Voyager’s investment banker Moelis & Company, with a hearing to approve the results on Sept.....
FTX US was the successful bidder in the Voyager auction. But, one industry insider tells Cointelegraph that the deal didn't have depositors' best interest in mind. Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to the toxic Three Arrows Capital led to its ultimate downfall. This week, rumblings of a Voyager Digital auction surfaced, with Cointelegraph breaking the story on the afternoon of Sept. 26 after a reputable source confirmed the parties involved. A few hours later, a winner was announced — crypto exchange FTX US. But, not everyone is convinced that....
Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius Network announced Wednesday that it has “filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New....
The buyout proposal from Alameda and FTX seems to have upset Voyager’s lawyers, who do not see the offer as a serious one that would benefit its users. Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buyout its digital assets on the grounds that the actions “are not value-maximizing" and potentially "harms customers." In a rejection letter filed in court on July 24 as part of its ongoing bankruptcy proceedings, Voyager’s lawyers denounced the offer made public by FTX, FTX US, and Alameda on July 22 to buy out all....
The trading company will pay back the debt, which has fallen almost twice in dollar estimate, by the end of September. Quantitative trading company Alameda Research will return an estimate of $200 million to Voyager Digital, which is proceeding through bankruptcy. Alameda borrowed the funds in cryptocurrencies in September 2021. At that time, the sum was close to $380 million. Per a recent filing in the Bankruptcy Court of Southern District of New York, the parties have reached an agreement, and Alameda will return around 6,553 Bitcoin (BTC) and 51,000 Ether (ETH) by Sept. 30. In its....