the FTX platform acquires the assets of Voyager Digital

According to an announcement, FTX is acquiring the assets of Voyager Digital by winning the auction bid. Indeed, the crypto lender released an offer early in the bankruptcy process. Sam Bankman Fried’s crypto exchange bid $1.422 billion to win the auction.

FTX wins auction for Voyager

Voyager announced today that FTX US is acquiring the digital assets held by bankrupt lender Voyager Digital. The crypto exchange made a bid of $1.422 billion which won this auction.,

The offer includes the value of crypto held by Voyager, estimated at $1.3 billion. But there’s also the “additional consideration estimated to be approximately $111 million in additional value,” according to the company.

The press release also indicates that the FTX US offer maximizes value and minimizes the duration of the company’s restructuring. To do this, it offers a clear roadmap to debtors. Thus, these debtors will be able to achieve a Chapter 11 plan and return value to their customers and other creditors. “FTX US’s market-leading secure trading platform will allow customers to trade and store cryptocurrencies after the company’s Chapter 11 business closes. “, indicates the press release.

This sale marks the end of an auction process that lasted nearly two weeks. During this period, Voyager received several offers, including from FTX and Binance. However the crypto lender concluded that “FTX is the best alternative for Voyager stakeholders.”

Crypto: FTX Acquires Assets of Voyager Digital
Crypto: FTX acquires the assets of Voyager Digital / source: the block

The situation of Voyager customers

Voyager has been through the bankruptcy process since filing for Chapter 11 protection in July. Meanwhile, FTX and sister company Alameda fell out with Voyager after they went public with their bid for the platform.

This initial plan would have given Voyager customers the option of creating a new account with FTX. Thus, they will have an opening balance linked to their claim. But the terms of the now accepted offer are not yet public. Voyager adds in its statement that it will provide additional information on the customer access schedule at a later date.

The proposal is subject to court approval processes, including a creditor vote. Thus, a hearing on the matter is scheduled for October 19 at 9 p.m. (GMT).

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Fitah Razafimamonjy avatar

Fitah Razafimamonjy

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