FTX wins auction for Voyager Digital assets

The cryptocurrency exchange FTX US won the auction to sell the assets of the bankrupt Voyager Digital, offering around $1.4 billion.

According to the broker’s representatives, the offer reflects the fair market value of the cryptocurrencies held on the platform, amounting to more than $1.3 billion. The final price will be adjusted based on quotes on the date of the closing of the deal. The bid also includes additional consideration of about $111 million.

The Official Committee of Unsecured Creditors has actively supported the FTX US bid.

“The FTX US bid accelerates the company’s restructuring, providing debtors with the ability to reimburse funds to customers and creditors,” the statement said.

Voyager’s claims against the bankrupt Three Arrows Capital (3AC) remain in the bankruptcy estate. Any funds recovered from the 3AC loan of $650 million will be distributed among creditors.

The sale closes a nearly two-week auction, in which FTX and Binance led. Voyager concluded that “FTX is the best alternative for the company’s shareholders,” the statement said.

Details of the reimbursement terms have not yet been disclosed. Additional information on when Voyager clients will have access to their cryptocurrency will be provided as it becomes available.

The deal will be approved by the court subject to creditor votes. A hearing is scheduled for October 19.

Back in July, Voyager Digital filed a bankruptcy filing. The company cited total obligations in a range from $1 billion to $10 billion.

The broker is one of the creditors of the hedge fund 3AC. The latter failed to repay a debt of 15,250 BTC and $350 million USDC, so in June Voyager Digital sent him notice of default.

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

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