Cryptographic lender struggling Voyager Digital was denied The offer to buy all of FTX’s assets and refund them to the customer in the July 24 letter is because it is a “low ball” offer that can “hurt the customer”.
FTX Liquidity Offer for Voyager Customers
July 22, FTX It has been submitted A co-sponsor that would have seen it provide liquidity to customers of bankrupt crypto lenders.
According to the proposal, the crypto exchange will buy all of Voyager Digital’s assets at a fair market price, with the exception of a $ 650 million loan to Three Arrows Capital (3AC).
Voyager users who choose to participate in the scheme can open an FTX account with a starting balance of billing against the bankrupt company. These users can choose to withdraw these funds or use them to buy crypto.
According to Sam Bankman-Fried, the proposal “provides customers to gain early liquidity and recover some of their assets without inferring the consequences of bankruptcy or taking unilateral risks. I can do it”.
Voyager Digital rejects offer
Voyager’s lawyer said it was “misunderstanding” and could impact potential transactions in response to FTX’s public offering.
Voyager clearly Submitting a bid motion procedure on how the bid should be placed. The company “accepts significant proposals made in accordance with the bidding process set out in the motion.”
The letter states that FTX’s proposal violates the bidding process and is designed to “create promotion” for SBF-led companies “rather than adding (added) value to Voyager’s customers.” Was there.
The letter, written in strong language, advised customers to read FTX’s proposal and realize for themselves that it would not benefit them. According to the document:
“The Alameda FTX proposal is nothing more than a cryptocurrency liquidation based on the benefits of the Alameda FTX. It’s a low-priced bid dressed as the rescue of a white knight. Anyone who roughly reads the proposal is a stand-alone submitted by Voyager. It is clear that the plan can offer customers far more value than the Alameda FTX proposal. “
The letter concludes that FTX violates its obligations to debtors and bankruptcy courts. However, Voyager continues to work on the restructuring process and the discovery of “transactions that maximize the value that is beneficial to Voyager’s customers and stakeholders.”
SBF responds
FTX CEO Sam Bankman-Friedhas answered In a letter stating why his company submitted the offer.
1) Voyager has lost customer assets, but still has a majority.
Why haven’t they been returned to the customer yet?
Sad facts from the bankruptcy process.
— SBF (@SBF_FTX) July 25, 2022
SBF questioned why Voyager still made up the majority and failed to refund the customer’s assets. According to him, the bankruptcy process can take several years, citing the example of Mt. Gox, who has not yet reimbursed the customer’s funds seven years after filing the bankruptcy filing.
SBF has rationalized that Voyager has not paid its customers, but has already lost money due to bankruptcy because it has to pay all the consultants involved in the process.
The FTX Chief added that it was the third parties involved, not the affected customers, who opposed his proposal.
