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Gungun Bhatia
Nov 12, 2022
by Gungun Bhatia

Voyager Opens Bidding Process Officially After FTX's Demise

Voyager FTX's Demise

Table of contents

  1. How is Voyager Affected by FTX's Demise?
Voyager Digital, the insolvent cryptocurrency lender, has called off the purchase of FTX US, which also filed for bankruptcy on Friday. After competing against competitor exchange Binance and digital asset investment company Wave Financial, FTX spent $1.4 billion to secure the bidding battle to purchase the holdings of Voyager. Following the discovery earlier in the week of the company's severe liquidity issue, FTX US, together with its international parent corporation, FTX, and quantitative trading firm Alameda Research, filed for Chapter 11 Bankruptcy protection in the United States on Friday. The portfolio of businesses is now acknowledging a significant shortfall in their balance sheets, which range in size from $10 billion to $50 billion, and caused FTX's Demise.

How is Voyager Affected by FTX's Demise?

Evidently, Voyager and its clients are entitled to a portion of that money. Voyager said in a press statement on Friday that it presently has about $3 million in FTX, which is primarily composed of restricted LUNA2 and locked SRM.

After FTX's demise, Voyager Digital and the Official Committee of Unsecured Creditors for Voyager declared on Friday that they have restarted the bidding process and are in active conversations with potential bidders. Voyager asserts in a news release that no assets were given to FTX as part of the selling transaction. Voyager Digital is now holding an escrow account for a $5 million due diligence payment made by FTX US.

Additionally, Voyager asserts that it has effectively returned loans from Alameda Research for 6,500 BTC and 50,000 ETH and has no active loans with any borrowers.

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Voyager Opens Bidding Process Officially After FTX's Demise
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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