The FTX ogre will finally have its way. After an initial unsuccessful bid, its US subsidiary has just won the bid to acquire the assets of Voyager Digital, which has been declared bankrupt.
FTX US wins bid to acquire assets of Voyager Digital
This is a case that has been going on for months and which may well have found its resolution. According to a press release from Voyager Digital, which has been in “reorganization” bankruptcy since July 5, it was the offer of the FTX US crypto exchange that won the day for the buyout of the company’s assets.
[L’offre de FTX US] maximizes the value and minimizes the remaining duration of the restructuring of the company. It provides debtors with a clear path to achieve a Chapter 11 plan and return value to their customers and other creditors.
The bid amount is $1.422 billionwhich corresponds to the “fair” market value of Voyager’s crypto holdings estimated at $1.3 billion, plus a bonus of $111 million said to be “additional value”.
While Binance seemed in recent days to hold the rope in the competition, so it is FTX US which was considered “the best alternative for stakeholders”. A victory with a particular flavor when we remember that the giant’s first takeover proposal had been curtly rejected as ” low ball“.
In fact, the serious things will be able to begin after approval of the proposal with the courts and a vote of the creditors. A hearing on the matter is set for October 19.
Voyager Digital users will be able to recover part of their funds
If the press release gives few details on the sequence of events, it is likely that Voyager Digital customers, at the end of the process, will have the option of creating an account on FTX with an opening balance corresponding to a portion of the assets it held on the platform.
This was also according to the crypto lender, the principle of a bankruptcy under Chapter 11 which aims to “return maximum value to customers”. The latter can therefore breathe a sigh of relief when since July they no longer had access to their funds when, following the collapse of the Terra Luna ecosystem which led to the fall of Three Arrows Capital to which Voyager was largely exposed , they found themselves to be the turkeys of the stuffing. Especially since they believed, according to the company’s misleading claims, be eligible for Federal Deposit Insurance Corporation (FDIC) insurance that protects cash deposits up to $250,000. However, this was deliberately obscuring the fact that the coverage excluded cash converted into stablecoins.
If the FTX exchange is on all fronts, it is because it has the means for its ambitions, so as long as it is, you might as well choose it to embark on the crypto adventure, and that is how that happens. In addition to choosing a reliable and secure platform, you will benefit from a lifetime discount on your trading fees (commercial link).