FTX US proposes returning 72% of Voyager customers’ frozen assets

A preliminary deal between FTX US and the bankrupt Voyager Digital would return to its customers 72% of the value of their assets. Bloomberg reports.

Under the agreement, approved by bankruptcy judge Michael E. Wiles, Voyager Digital may terminate the deal with the exchange if it receives a more favorable offer.

Asset sales would proceed if Wiles approves Voyager’s bankruptcy payout plan, which he will review in December.

As part of the deal, FTX will migrate Voyager users to its platform. Affected Voyager customers will receive returns in the same assets they held on their accounts, provided they are listed on the exchange.

Earlier, on July 5 Voyager Digital filed a bankruptcy filing. The company reported total liabilities in the range of $1 billion to $10 billion.

Voyager Digital is among the creditors of hedge fund Three Arrows Capita (3AC). The latter failed to repay a debt of 15,250 BTC and 350 million USDC, so in June Voyager Digital sent it a default notice.

Alameda Research, linked to FTX’s Sam Bankman-Fried, was Voyager’s second-largest borrower after 3AC, at $377 million.

In September, FTX US won the auction to sell Voyager Digital’s assets, bidding around $1.4 billion.

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