Voyager rejects Alameda buyout offer as it 'harms customers'
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....
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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....
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....
Three days ago, Bitcoin.com News reported on the publicly listed company Voyager Digital after the crypto firm announced that it was owed $655 million worth of digital assets. Now according to a press release from Voyager, the company has secured funds from Alameda Ventures in order to get more access to liquidity.
Voyager Borrows $500 Million from Alameda
Voyager Digital Holdings, Inc. has revealed a collaboration with Alameda Ventures as the venture company has provided Voyager with a line of credit. The funds are “intended to help Voyager meet customer liquidity needs....
Financial documents of Voyager revealed that they lent nearly $1.6 billion in crypto loans to an entity registered in the British Virgin Islands, the same place Alameda is registered. Voyager Digital, the crypto lending firm that went bust due to the crypto contagion initiated by Three Arrow Capital’s (3AC) insolvency is currently fighting its bankruptcy court battle. The court proceedings and financial documents have shown a deep relation between the crypto lending firm and Sam Bankman Fried-owned Alameda Research.Alameda is a quantitative trading firm that was also one of many borrowers....
In response to FTX’s proposal to provide early liquidity to Voyager customers, the attorneys for insolvent cryptocurrency lender Voyager Digital called the proposal a “low-ball bid dressed up as a white knight rescue” that only benefited FTX. Voyager Lawyers Call FTX’s Offer A ” Low Ball Bid” In court documents filed late on Sunday, attorneys […]