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FTX affiliate Alameda Research is suing Voyager Digital for $446 million

Published on

January 31, 2023
Read Time:1 Minute, 53 Second

Embattled crypto funding agency Alameda Analysis is suing bankrupt crypto lender Voyager Digital to get better mortgage repayments from FTX made previous to the November collapse.

Attorneys main the chapter case of FTX and Alameda sued Voyager in a Delaware court docket on Jan. 30 for $445.8 million.

Whereas each firms filed for chapter in 2022, Voyager's Chapter 11 submitting got here 4 months earlier in July. Following Voyager's Chapter 11, the crypto lender requested reimbursement of all excellent loans to FTX and its affiliated funding agency Alameda Analysis.

In response to FTX attorneys submitting on behalf of Alameda, these mortgage repayments are recoverable as a result of they have been made so near their very own chapter in November.

FTX claims it paid Voyager $248.8 million in September and $193.9 million in October. The alternate additionally made a $3.2 million curiosity cost in August, based on the court docket Submissions.

FTX acknowledged allegations that Alameda makes use of FTX buyer deposits for its dangerous investments, however added that Voyager and different crypto lending companies have been additionally complicit and "knowingly or recklessly" routed buyer funds to Alameda with "little or no care." It mentioned:

“Voyager's enterprise mannequin was that of a feeder fund. It has attracted retail traders and invested their cash in cryptocurrency mutual funds like Alameda and Three Arrows Capital with little or no diligence.”

The embattled crypto alternate hopes to reuse any recovered funds to repay a few of its collectors.

FTX had deliberate to purchase Voyager out of chapter previous to its collapse in November.

Associated: What tokens might FTX throw onto the market?

In a separate growth, FTX has requested the court docket to exclude two of its Turkish subsidiaries from chapter proceedings.

In a single movement filed On January 27, the corporate filed for disqualification from FTX Turkey and SNG Investments because it believes US courts don't have any jurisdiction within the nation and prospects have already filed non-public lawsuits towards the corporate.

"The orders launched by this court docket don't have any authorized or sensible impact in Türkiye and the debtors don't have any cause to imagine that the Turkish authorities will adjust to the orders of this court docket," the submitting reads.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 31, 2023
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