Bankrupt Crypto Lender Voyager Reopens Bidding Process Following FTX’s Collapse

Voyager also acknowledged Friday it has a $3 million balance currently locked up on FTX.

AccessTimeIconNov 11, 2022 at 9:43 p.m. UTC
Updated Nov 11, 2022 at 10:24 p.m. UTC

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

Bankrupt crypto lender Voyager Digital is ending the deal to sell itself to FTX US after the latter also declared bankruptcy on Friday.

In September, FTX paid $1.4 billion to win a bidding war to acquire Voyager’s assets, beating out other crypto firms including rival exchange Binance and digital asset investment firm Wave Financial.

FTX US, along with its international parent company, FTX, and quant trading firm Alameda Research, filed for Chapter 11 bankruptcy protection in the U.S. on Friday after news spread earlier in the week of the company’s massive liquidity crisis. The portfolio of companies is now fessing up to a massive hole of between $10 billion and $50 billion in their balance sheets.

A part of that money apparently belongs to Voyager and its customers. In the press release issued Friday, Voyager admitted that it has approximately $3 million currently locked up in FTX, “substantially comprised of locked LUNA2 and locked SRM.”

Following FTX’s collapse, Voyager Digital and the Voyager Official Committee of Unsecured Creditors announced on Friday they have reopened the bidding process and are “in active discussions with alternative bidders.”

In a press statement, Voyager claims the company did not transfer any assets to FTX in connection with the sale agreement.

A $5 million “good faith” deposit submitted to Voyager Digital by FTX US is currently being held in escrow.

Voyager also claims that it “successfully recalled loans from Alameda Research for 6,500 BTC and 50,000 ETH” and no longer has any outstanding loans with any borrower.


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CoinDesk - Unknown

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

CoinDesk - Unknown

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.