Failed Lender Voyager: ‘No Customer Will Be Made Whole’ Under FTX Proposal

FTX CEO Sam Bankman-Fried said his firm's offer would give Voyager customers back 100% of the remaining assets, while Voyager’s lawyers argue that it only benefits FTX.

AccessTimeIconJul 25, 2022 at 4:58 a.m. UTC
Updated May 11, 2023 at 6:54 p.m. UTC

Lawyers representing bankrupt crypto lender Voyager Digital have responded to a proposal by FTX to offer early liquidity to Voyager customers by calling it a "low-ball bid dressed up as a white knight rescue" that only benefits FTX.

  • In a court filing, Voyager’s lawyers said the plan "transfers significant value to AlamedaFTX, and completely eliminates the value of assets that are of no interest to AlamedaFTX."
  • Under FTX’s plan, first proposed late last week, interested Voyager customers would be able to have an advance on their bankruptcy claims.
  • They could use this to buy more digital assets on FTX, or withdraw cash.
  • In a tweet thread, FTX CEO Sam Bankman-Fried said this would give Voyager’s customers the ability to access assets that would otherwise be locked up for a significant time as the case navigates through bankruptcy court.
  • "To clarify: Our offer would give Voyager customers back 100% of the remaining assets that Voyager has, including claims on anything recovered in the future," Bankman-Fried tweeted.
  • Voyager's lawyers, in the filing, wrote, “It seems clear, however, that AlamedaFTX’s Proposal, which was made in contravention of the proposed Bidding Procedures, was designed to generate publicity for itself rather than value for Voyager’s customers.”
  • “AlamedaFTX essentially proposes a liquidation where FTX serves the role of liquidator. The “fair value” of Voyager’s cryptocurrency assets and loans is subject to negotiation with AlamedaFTX,” the lawyers wrote.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.