FTX wins bid to acquire bankrupt Voyager’s assets News ▸ US ▸ FTX ▸ Bankruptcy
FTX wins bid to acquire bankrupt Voyager’s assets
FTX will acquire bankrupt Voyager's digital assets and enable Voyager's customers to resume trading and store their crypto holdings on the FTX platform after the conclusion of Voyager's bankruptcy process.
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Updated: Sep. 27, 2022 at 4:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange FTX US will acquire bankrupt crypto lender Voyager Digital LLC’s digital assets. FTX’s bid is valued at approximately $14.22 billion, Voyager announced in a Sept. 26 press release.
FTX won the bid to buy all the cryptocurrency Voyager held after multiple bidding rounds in an auction that spanned two weeks. The assets FTX will acquire from the bankrupt crypto lender are estimated to be valued at $13.11 billion at current market prices, along with consideration to add $11 billion of incremental value.
FTX beat out competing bidders, including Binance, who made a bid for Boayger’s assets for an amount slightly higher at around $50 million. Cross Tower and Wave Financial were also participants in the auction.
Deal subject to approval
The deal between FTX and Voyager will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Oct. 19, and the objection deadline for the deal is slated for Oct. 12.
Voyager explained that the FTX US platform will enable customers to resume trade and store crypto holdings following the conclusion of Voyager’s Chapter 11 cases.
Voyager filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York on July 6, citing volatile market conditions at the time. The firm estimated it had more than 100,000 credits, listed assets of between $1 billion and $10 billion, and liabilities worth the same value in the filing.
On July 1, the company suspended all trading, withdrawals, deposits, and loyalty awards.
The company claims that it has been undergoing a voluntary restructuring process via its Chapter 11 filing, which is “aimed at returning maximum value to customers.” It stated that Voyager is the best alternative for Voyager stakeholders after contemplating multiple bids and reorganization plans.
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Cynthia Chung
Cynthia is an avid writer who is fascinated by the potential of blockchain tech. She also resonates with Web3 values, especially creative expression and individual autonomy. Since discovering crypto in 2019, she has dedicated her work towards reporting on developments in the blockchain and crypto space.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.