FTX has offered Voyager clients to open accounts to accumulate revenue from crypto broker bankruptcy claims. With the approval and approval of the court, they will be able to access the assets earlier than the standard liquidation procedure.

We are happy to do our best to provide liquidity to Voyager’s customers: https://t.co/zDtGMfGq64 https://t.co/MdoIfU229B

— SBF (@SBF_FTX) July 22, 2022

The initiative was developed by exchange operators and its American division, FTX Trading and West Realm Shires. Alameda Ventures, another structure associated with Sam Bankman-Freed, was also involved.

In June, the latter provided a 200 million USDC loan and a 15,000 BTC (~$300 million) revolving loan to cryptocurrency broker Voyager Digital.

Alameda Research is the second borrower in terms of funds raised from Voyager Digital ($376.8 million), after Three Arrows Capital (3AC). The outstanding balance includes $75 million in unsecured loans, the largest on the list.

Customers who accept the offer will be able to withdraw cash instantly or use it to purchase digital assets on FTX. According to a press release, it is voluntary and will likely operate until the first days of August.

“We want […] Find the best way to save a bankrupt crypto business […]This will allow clients to get liquidity early and return some of their assets without forcing them to speculate about the consequences of bankruptcy and take unilateral risks.said Bankman-Fried.

The plan does not include FTX repurchasing Voyager’s loans for the liquidated 3AC hedge fund or participating in the related litigation. The management of the exchange, regardless of its decisions, relies on the return of funds to the clients of the crypto broker for this transaction.

Voyager’s lawyers described the FTX proposal as “containing false or completely false statements”. They explained that the plan would benefit AlamedaFTX at the expense of customers and “completely remove the value of assets that do not concern it.”

“AlamedaFTX proposes a liquidation in which FTX acts as the liquidator. The “fair value” of Voyager crypto assets and loans is subject to negotiation with AlamedaFTX. it’s a bad deal [для клиентов криптоброкера] […] under the mask of the “white knight”, lawyers said.

Bankman-Fried said the offer will give Voyager customers access to assets that will remain pending pending litigation.

“For clarification, our offer will return 100% of remaining assets to Voyager customers, including claims for anything returned in the future.”explained.

14 note to clarify: our offer will give Voyager customers back 100% of Voyager’s remaining assets, including claims for anything recovered in the future.

— SBF (@SBF_FTX) 25 July 2022

On July 5, Voyager Digital filed for bankruptcy in New York court. The company’s estimated liabilities range from $1 billion to $10 billion with nearly 100,000 customers.

Recall that the CEO of FTX promised to spend “billions” to buy shares in other companies.

Learn more about Bankman-Fried in our education flashcards.

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