Crypto lender Voyager reopens bidding process following FTX bankruptcy

Quick Take

  • Crypto lender Voyager said that it has reopened the bidding process for its assets after the bankruptcy of crypto exchange FTX.
  • FTX was on track to buy Voyager’s assets prior to its collapse.
  • Voyager declared bankruptcy in July.

Crypto lender Voyager has reopened the bidding process for its assets following the bankruptcy of crypto exchange FTX, which had been expected to buy them.

The firm said in a statement:

"The company is evaluating strategic options as a result of the Chapter 11 filing by FTX Group. The no-shop provisions of the Asset Purchase Agreement between Voyager and FTX US are no longer binding."

Voyager disclosed "active discussions with alternative bidders" but did not provide names or a timeline for completion.

Voyager also provided details on its financial exposure to FTX's business empire, stating that it had "successfully recalled loans from Alameda Research for 6,500 BTC and 50,000 ETH."

"At the time of FTX Group's Chapter 11 filing, Voyager maintained a balance of approximately $3 million at FTX, substantially comprised of locked LUNA2 and locked SRM that it was unable to withdraw because they remain locked and subject to vesting schedules," the firm said. 

FTX had been on track to buy Voyager's assets, and last month Voyager pushed creditors to approve the sale. Voyager declared bankruptcy in July.

FTX's swift collapse and subsequent bankruptcy declaration this week called the deal into question. Voyager creditors announced Thursday that the deal hadn't been completed. 

"It is important to note that Voyager did not transfer any assets to FTX US in connection with the previously proposed transaction. FTX US previously submitted a $5 million 'good faith' deposit as part of the auction process, which is held in escrow," Voyager said

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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