THE DAILY ENCRYPT

September 25, 2022

Crypto Exchanges FTX Battle for auctioned Voyager Digital Assets

Binance and FTX, cryptocurrency exchanges, have reportedly been the top bidders for assets from Voyager Digital, a bankrupt crypto lender....
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Binance and FTX, cryptocurrency exchanges, have reportedly been the top bidders for assets from Voyager Digital, a bankrupt crypto lender. The top bids for assets from Voyager Digital’s bankrupt crypto lending company Voyager Digital were reportedly made by the cryptocurrency exchanges Binance, and FTX.

According to a Tuesday report from the Wall Street Journal citing sources with knowledge of the matter, Binance’s current offer is slightly higher that that offered by FTX.

Sources from the WSJ stated that neither offer was yet accepted.

Voyager filed for Chapter 11 bankruptcy July this year. With outstanding liabilities as high as $10 billion, began the process to sell its assets at the start of this month.

New york based failed crypto exchange voyager’s assets go on auction

The auction began September 13 for assets of the New York-based company. Wave Financial, a digital asset manager, and CrossTower, a trading platform are reportedly other bidders.

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Although the winning bid will be announced by September 29, it is possible that an announcement could be made earlier.

Voyager was one of the most prominent crypto firms that went out of business during this year’s market crash.

The demise of the firm came after a major debtor, Three Arrows Capital, based in Singapore, filed for bankruptcy on July. This left its user funds at serious risk. Voyager owed 3AC more than $650,000,000 in Crypto and the stablecoin USDC.

Alameda Research was another borrower, a crypto trading company founded by Sam Bankman-Fried (also the owner of FTX).

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Alameda owed a New York-based company approximately \$377 million in cryptocurrencies at time of bankruptcy filing. Alameda extended two credit cards to Voyager in June just before Voyager filed for bankruptcy. One was for \$200 million cash, the other for 15,000 Bitcoin.

Alameda, Voyager’s largest creditor with a $75 million unsecured loan, filed for bankruptcy.

Alameda had earlier this week agreed that it would repay \$200 million worth Bitcoin and Ethereum in return for \$160 million of collateral Voyager was holding.

FTX declared plans to acquire troubled crypto lender Voyager shortly after Voyager’s bankruptcy. Voyager rejected the rescue plan, calling it “a low-ball offer disguised as a white knight rescue.”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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