Voyager and FTX US are in an agreement. Voyager customers are set to adapt to FTX
Image: Dado Ruvic/ Reuters
Trade monster FTX US became the auction winner and saved the crypto lender Voyager Digital from bankruptcy. FTX US is founded by billionaire Sam Bankman-Fried.
The accord is valued at $1.4 billion, including $111 million 'incremental value.' Customers of Voyager Digital will get access to their crypto asset after the hearing of the bankruptcy affairs, as mentioned by Voyager. This arrangement between Voyager and FTX US is yet to be presented in the US Bankruptcy Court for the Southern District of New York to get approved on October 19 as mentioned by Voyager Digital.
Report says other crypto exchange giants like Binance and CrossTower had bid with their own terms to acquire Voyager’s assets. Voyager had filed for chapter 11 bankruptcy (sometimes called a 'reorganization' bankruptcy). It allows a firm to retain control of its assets and continue operating whilst it plans to restructure or sell the business. Earlier in July Voyager filed for bankruptcy protection 'to bail it out with a revolving line of credit.' This came after a failed attempt by Alameda Research. Alameda is a trading house affiliated with FTX.
According to the reports, Bankman-Fried has been hoarding distressed crypto platforms assertively and gathering millions of customers and big-ticket technologies. They got this done at competitive prices than the trades they did less than half a year ago.