FTX Pockets Assets of Bankrupt Crypto Lender Voyager for Around $1.44 Billion

After several rounds of bidding, crypto exchange FTX bagged the assets of bankrupt crypto lender Voyager. The development comes after FTX’s bidding war with crypto exchange Binance over these assets recently made headlines. FTX’s bid is valued at around $1.422 billion (about Rs. 11,602 crore). The deal took into consideration the fair market value of all Voyager cryptocurrencies, which at current market prices is estimated at $1.311 billion (about Rs. 10,695 crore).

New Jersey-based Voyager Digital, which hit a market cap of $3.74 billion (about Rs 29,791 crore) last year, slipped down the trading ladder after 3 Arrows Capital collapsed (3AC). The bankrupt company is now seeking $650 million (about Rs 5,194 crore) from 3AC in damages.

Considering the situation, FTX’s big win included additional consideration estimated at around $111 million (about Rs 905 crore) in additional value, according to an official press release.

“The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval in the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022 and the objection deadline. transaction is October 12,” said the noted release.

Crypto exchange Binance was among the top contenders for Voyager assets. An auction for the assets of Voyager was recently held in New York ahead of the announcement of this result.

Voyager in July flatly rejected a takeover offer from FTX and its subsidiary Alameda Research, calling it a “low offer”.

At the time, Voyager said it would accept “any serious proposal” made through its tendering procedures, while the joint bid by the Bankman-Fried companies “was designed to generate revenue. advertising” rather than to provide value to customers, they added.


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