Alameda Research to Repay Two Large Loans Denominated in Bitcoin and Ether
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Alameda Will Pay Back Principal Loan
According to a court document filed last night, Alameda will pay back principal and loan costs for $6,553 in bitcoin (about $128 million) and 51,204 in ether (nearly $70 million), as well as smaller sums in seven other tokens. According to the application, the loans must be paid back by September 30. If everything goes according to plan, Voyager will return the tokens Alameda had pledged as security for the loans: 4,650,000 in the FTX utility token FTT (about $112 million) and 63,750,000 in the SRM (around $49 million) token.
The information is released as Voyager sells off its possessions following its June Chapter 11 bankruptcy filing in New York. As part of the procedure, bidders are kept anonymous. Nevertheless, FTX and Alameda announced a liquidity offer to Voyager creditors in July. This drew criticism from Voyager, which charged Bankman-companies Fried's with making "misleading or simply deceptive" promises.
Following a string of bankruptcies in the crypto lending industry, FTX, the exchange with close ties to Alameda, has been linked to numerous prospective bailouts. After the lender stopped allowing withdrawals in June, the Company granted BlockFi a $250 million credit line and may eventually buy the Company outright.
Voyager Digital Signs Term Sheet for US$200 Million
It was disclosed that the Company and Alameda Research had signed a non-binding term sheet to establish a revolving line of credit in June, giving Voyager access to additional funding. The Company pursued this term sheet in light of the current state of the cryptocurrency market. Given recent market volatility, the credit facility's proceeds will only be used if necessary to protect customer assets.