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Voyager Digital is willing to pay Alameda Research over $446 million. In accordance with bankruptcy legislation, it may be required to refund the same amount that it paid to Voyager the previous year.
The sibling business of the insolvent exchange FTX, Alameda Research, is attempting to get Voyager Digital to repay $445.8 million in money. The latter likewise declared bankruptcy the previous year. The filing is yet another significant development in the FTX drama, and considering Voyager’s own financial difficulties, it is uncertain how it will develop.
A cryptocurrency lender by the name of Voyager has lent money to FTX and Alameda Research. Almost all of the $442.7 million that FTX paid to Voyager has since been recovered. The loan installments were paid just before FTX filed for bankruptcy, thus they qualify for a refund, according to the justification. This can then be allocated for use in repaying FTX’s debtors.
The repatriation of cash is permitted by bankruptcy laws since they forbid favoring one group of creditors over another. There is a decent possibility that the money will be repaid.
In a situation that is already heated, it’s a shocking development. Even though FTX made the offer to buy Voyager, that possibility was quickly eliminated when FTX went bankrupt. Voyager and other cryptocurrency lenders were “knowingly or carelessly” directing customers onto Alameda, the exchange added that the Voyager’s business strategy was that of a feeder fund.
Regarding the Alameda and FTX instances, there have been several developments in the meantime. When transferring money to a single, centralized multi-sig wallet, Alameda Liquidators lost $72,000 in AAVE tokens. Additionally, hackers stole more than $1.7 million from Alameda accounts.
A nonprofit named Effective Ventures Foundation is also under investigation by the Charity Commission, which oversees charities in England and Wales. According to rumors, Sam Bankman-Fried and FTX are connected to this charity.
Regarding Voyager, a U.S. bankruptcy judge accepted Binance.$1 US’s billion offer to purchase the company’s assets. In the absence of a further court hearing, the court declared the sale to be final.
In recent weeks, further contentious FTX-related occurrences have also surfaced. According to reports, a number of former FTX officials supported the infamous agent George Santos. This includes co-CEO Ryan Salame, director of product Ramnik Arora, and senior executive Claire Watanabe from FTX.
According to some accounts, FTX was being looked at by Australian officials up to six months prior to its insolvency. Nearly 30,000 Australian creditors of the exchange.
Of fact, there are a lot more creditors; the estimate is that there are around one million. Small companies in the Bahamas and well-known institutions like Stanford University, The New York Times, and The Wall Street Journal are among the parties that the exchange owes money.
