In order to provide early liquidity to customers of Voyager Digital, FTX announced a joint offer with West Realm Shires, the owner, and operator of FTX.US, and Alameda Ventures.
Three weeks back, Voyager Digital filed for Chapter 11 bankruptcy. FTX has cooperatively offered to permit withdrawals through its own platform in addition to Voyager’s plans.
According to that plan, FTX’s sister company Alameda Research would pay cash at fair market value for all of Voyager’s digital assets and digital asset loans. Users of Voyager could then open an FTX account to access their funds.
Customers who choose to participate in this would be able to withdraw their balance in cash without using any other FTX services. Users could also continue investing in cryptocurrencies with no fees for the first month.
FTX stated that it recognizes that Voyager may have other ways to provide customers with liquidity via FBO accounts and that it would include or exclude those accounts as necessary to distinguish its offer from the Voyager plan.
FTX’s current proposal does not include buying any loans or legal claims from Voyager pertaining to Three Arrows Capital.
The founder and CEO of FTX, Sam Bankman-Fried (SBF), tweeted “happy to do what we can to get liquidity to Voyager’s customers.”
Before Voyager filed for bankruptcy, last month Voyager Digital secured a credit line from Alameda Research. Later it was revealed in the bankruptcy filing that FTX CEO SBF’s Alameda Research still owes $377M to Voyager Digital.
FTX stated that Voyager would keep looking into those issues on its own. In order to close the deal by early August, FTX has asked for a response from Voyager by July 26, 2022.
