lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 72,969.55
ethereum

Ethereum (ETH)

Price
$ 3,951.14
cardano

Cardano (ADA)

Price
$ 0.789097
xrp

XRP (XRP)

Price
$ 0.686152
litecoin

Litecoin (LTC)

Price
$ 95.93
stellar

Stellar (XLM)

Price
$ 0.147786

Voyager received better buyout offers than FTX's, which were expected to set customers back $270 million

Published on

February 4, 2023
Read Time:2 Minute, 26 Second

Troubled crypto lender Voyager Digital Holdings says it has acquired quite a lot of "larger and higher" takeover bids than the one supplied by AlamedaFTX in July, opposite to the funding agency's continued public statements.

The corporate has simply been cleared by the choose presiding over the New York chapter case to return $270 million in buyer funds to the Metropolitan Business Financial institution (MCB).

In a second-day listening to presentation on August 4, Voyager said that it did receive Phrase from as much as 88 events fascinated by rescuing the corporate from its monetary troubles, including that it's in "lively discussions" with over 20 probably events.

Some of the notable bids got here from Alameda Ventures and FTX in July.

Alameda had proposed shopping for all of Voyager's belongings and excellent debt aside from the defaulted mortgage to Three Arrows Capital, then liquidating the belongings and allocating USD-denominated funds by way of the FTX US trade.

This was rejected by Voyager on July 25 on the grounds that it didn't "maximize worth" for its prospects.

The corporate additionally famous that as a part of the advertising course of, it has already acquired bids which are "larger and higher than what AlamedaFTX is providing," opposite to alleged "inaccurate" public statements by AlamediaFTX.

Supply: Voyager Digital day two presentation

Voyager said that it additionally individually despatched AlamedaFTX a stop and desist letter concerning its "inaccurate" public statements to verify that AlamedaFTX has no "benefit" over different bidders.

$270 million in consumer funds repaid

Information of different bidders comes at a time when US Chapter Court docket Decide Michael Wiles has given Voyager the inexperienced mild to return a portion of their consumer's money deposit.

Based on an Aug. 4 Wall Avenue Journal report, Decide Wiles said that Voyager had carried out so provided a “cheap foundation” for his declare that prospects ought to have entry to the Metropolitan Business Financial institution (MCB) custodian account that's stated to carry $270 million in money.

[DB] Voyager Secures Approval to Return $270M in Buyer Funds: WSJ

— db (@tier10k) August 4, 2022

When Voyager filed for chapter on July 5, Voyager had deposited funds into the account with the financial institution. These funds had been frozen when the chapter proceedings started.

Associated: Deposits with non-banks, together with crypto corporations, are usually not insured - FDIC

Stephen Ehrlich, CEO of Voyager Digital called in July that he intends to return buyer funds from MCB as soon as a "matching and fraud prevention course of" is full, and the agency allegedly requested to launch the funds in MCB on July 15.

Voyager's money owed whole not more than $10 billion from round 100,000 collectors, nevertheless it's not the one crypto brokerage, lender, or funding agency that is been by way of onerous instances for itself and its customers . Celsius, Three Arrows Capital, BlockFi and others have additionally been added to the continued saga.

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
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 : February 4, 2023
Top crossmenumenu-circle