Cryptocurrency

FTX wins bid to acquire bankrupt Voyager’s assets

Zegex

Crypto exchange FTX US acquires digital assets of bankrupt crypto lender Voyager Digital LLC. FTX Bid About $14.22 Billion, Voyager announced In a press release dated Sept. 26.

FTX won the bid to buy all the cryptocurrencies held by Voyager after multiple bidding rounds in the auction over the course of two weeks. The assets FTX will acquire from bankrupt crypto lenders are valued at $13.11 billion at current market prices and are looking to add $11 billion in incremental value.

FTX beat out competing bidders, including Binance, who bid around $50 million, just above Boayger’s assets. Cross Tower and Wave Financial also participated in the auction.

Transactions Requiring Approval

The deal between FTX and Voyager was filed for approval in the United States Bankruptcy Court for the Southern District of New York on October 19th, with an October 12th deadline for objections to the deal.

Voyager explained that the FTX US platform will allow customers to resume trading and store their cryptocurrency holdings after Voyager’s Chapter 11 case is closed.

Voyager filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York on July 6, citing volatile market conditions at the time. The company estimates that over 100,000 credits, $1 billion to he $10 billion in assets, and an equal value of liabilities have been filed.

On July 1st, the company suspended all trading, withdrawals, deposits and loyalty awards.

The company claims to be pursuing a voluntary restructuring process through a Section 11 filing “intended to return maximum value to customers.” After reviewing multiple bids and reorganization plans, Voyager said it was the best option for Voyager’s stakeholders.

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