Voyager describes Alameda’s objection to its Binance deal as ‘hypocrisy’ Voyager describes Alameda’s objection to its Binance deal as ‘hypocrisy’
Voyager pointed out the hypocrisy in the stand of regulators in Vermont, New York, Texas and Hawaii over the "unfair treatment" of residents in the state.
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Updated: Jan. 9, 2023 at 1:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bankrupt crypto lender Voyager described Alameda’s objection to Binance.US’ bid for its assets as “hypocrisy and chutzpah.”
Voyager said the bankrupt crypto trading firm has “desperately sought to undermine and sabotage” its restructuring efforts. The lender said Alameda tried to front-run its marketing proposal by offering a lowball proposal that disparages its businesses.
According to the court filing, recent revelations in the crypto space showed that Alameda made “last-ditch efforts to mask the holes on its own balance sheet resulting from their [Alameda’s] apparent fraud.”
Voyager added that Alameda’s objection to the level of disclosure concerning certain intercompany claims were “baseless” because FTX’s counsel reviewed and approved these claims two months ago. Apart from that, the same claims have been approved by an adequate court.
Meanwhile, Voyager said it entered into the Alameda-FTX loan based on fraudulent and false representations made by the now bankrupt crypto firm.
Voyager responds to SEC, others
Voyager also responded to the objections filed by the different regulatory bodies of New Jersey, Texas, Vermont, the U.S. Trustee, and the SEC.
According to the court filing, regulators’ concerns about Binance.US’ ability to consummate the transaction are misplaced because their fears are based on “speculation” and not “facts.” Voyager added that the concerns are also “veiled attempts” to override its business judgment.
Voyager wrote:
“Raising Disclosure Statement objections based on unsubstantiated and unverified media reports while ignoring the substantial information already made available to the Objectors is a naked attempt to undermine the Binance.US Transaction and attack Binance.US.”
The firm added that Binance.US provided all the objectors with the opportunity to receive financial statements and other diligence reports showing its strong financial position. However, the objectpors have feigned ignorance of this fact.
Voyager also pointed out the hypocrisy in the stand of regulators in Vermont, New York, Texas and Hawaii.
According to the regulators, Binance.US offer to repay their residents in cash and not in crypto amounts to “unfair treatment.”
However, Voyager responded that the decision was based on their own “regulatory decisions.”
“Any barriers in place preventing their constituents from receiving distributions in-kind like other states is entirely of the objecting states’ own making.”
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Posted In: Bankruptcy
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
