FTX US wins auction for Voyager Digital’s assets
Voyager hints that its customers will eventually transition to the FTX platform after it finishes its chapter 11 bankruptcy proceedings. Cryptocurrency exchange FTX US has secured the winning bid for the assets of crypto brokerage firm Voyager Digital with a bid valued at approximately $1.4 billion according to Voyager.Voyager said the bid was made up of the fair market value of its crypto holdings “at a to-be-determined date in the future” estimated to be around $1.3 billion along with $111 million of what it says is “incremental value,” but did not provide further details.Little....
Related News
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....
According to the Los Angeles management firm, "better bids were on the table" for depositors and the community. The assets of crypto brokerage firm Voyager Digital would face a drastically different fate if FTX did not win the bid, claimed a spokesperson of Wave Financial while speaking to Cointelegraph. The spokesperson argued that better bids were on the table, but they "were passed over for strictly cash offers."Wave, an SEC-registered digital asset management company with over $1 billion in assets under management (AUM), participated in the auction process, bidding a slightly lower....
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 and Binance reportedly seek to transition existing Voyager customers to their platforms whereas CrossTower has proposed to keep the existing Voyager platform and app. Cryptocurrency exchanges FTX, Binance and CrossTower are competing to acquire beleaguered crypto lender Voyager Digital’s assets out of bankruptcy, according to insider sources. According to details published by former investment banker and angel investor Simon Dixon, the three exchanges are competing in an auction to acquire Voyager Digital, and have each proposed their own terms and conditions for the acquisition. The....
FTX is proposing to buy out all Voyager Digital digital assets and digital asset loans, except loans to Three Arrows Capital, which would remain Voyager Digital’s problem. FTX and Alameda Ventures want to offer Voyager Digital customers a chance to start a new FTX account with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims, FTX announced in a statement Friday. To accomplish this, Alameda Ventures said it would like to buy all Voyager digital assets and digital asset loans, with the exception of loans to Three Arrows Capital (3AC). A letter....