FTX and Alameda Ventures Offer to Buy Bankrupt Voyager’s Digital Assets and Crypto Loans, Other Than Claims on Three Arrows
Billionaire crypto exchange Sam Bankman-Fried FTX and Alameda Ventures have offered to buy all digital assets and crypto loans from Voyager Digital, which filed for bankruptcy earlier this month, except for its claims on the Three Arrows hedge fund.
As part of the proposal, FTX and Alameda have also offered to provide early liquidity to Voyager Digital customers, according to a joint statement Friday from FTX Trading, owner of crypto exchange FTX.com, West Realm Shires, owner of FTX. US, and Alameda Ventures. .
Voyager customers could choose to create a new account with FTX and receive a cash balance equal to a portion of their receivables from Voyager, according to the release.
Specifically, Alameda offered to purchase all of Voyager’s crypto assets and loans other than those of Three Arrows Capital, in “ready cash” at fair market value, according to the proposal. This value will be “calculated by Alameda in good faith based on market practice and available pricing information,” with confirmation from Voyager, the proposal states.
Meanwhile, FTX will offer Voyager customers the opportunity to receive their share of that money if they open an account with FTX. Customers can withdraw the money immediately or use it to buy digital assets on FTX, according to the proposal.
FTX said it plans to complete the transaction as soon as possible, preferably in early August, subject to court approval and the Chapter 11 bankruptcy restructuring process.
FTX and Alameda are not interested in buying Three Arrows-related franchises held by Voyager, they said in the proposal. A U.S. federal bankruptcy court has frozen the assets of Three Arrows Capital, the once-large crypto hedge fund that managed up to $10 billion in assets until it went into liquidation last month.
Alameda will also write off its own $75 million loan claim to Voyager in connection with the proposed transaction, according to the proposal.