Sam Bankman-Fried Reacts on Voyager Turning Down FTX's Bailout Offer
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Sam Bankman-Fried Complains
Before paying back the assets (if any) obtained from Three Arrows Capital, SBF contends that the current amount should be returned to the clients. The FTX CEO claimed in a series of tweets that numerous bankruptcy agents were "bleeding the customer's frozen assets dry with consulting fees." According to SBF, the lengthy, drawn-out process during which the funds stay frozen results in the customers losing in a "conventional" approach before obtaining their assets back.
"See, if a customer had 1 BTC on the platform, and BTC was worth $30k… and then it takes years to go through bankruptcy… what do they get back? 1 BTC, or $30k? Probably, whichever is worth less. So the longer the process drags out, the more optionality customers lose."
The clients will be forced to continue paying the Voyager consultants more fees out of their own pockets as the bankruptcy procedure "drags on." According to SBF, the goal of the proposed rescue agreement between FTX, FTX.US, and Alameda is to prevent further money losses for the clients. He states that the offer would enable clients to "receive the remaining assets back immediately" without paying any fees or taking different haircuts. Bankman-Fried claimed the affected customers have "gone through enough" and should be entitled to retrieve their assets sooner.