A new lawsuit reveals that collapsed Alameda Research, the sister firm of bankrupt FTX, seeks to recover $446 million transferred to the bankrupt lender Voyager Digital before Alameda filed for bankruptcy.
According to the filing against HTC Trading and Voyager Digital, after Voyager declared bankruptcy in July 2022, Alameda returned all of its outstanding debts, some of which were still maturing when Voyager asked for repayment.
FTX claimed to have paid Voyager $248.8 million in September and $193.9 million in October on behalf of Alameda. In August 2022, FTX also paid an interest payment of $3.2 million.
Also Read: SBF’s Alameda Research Owes $377M to Voyager Digital
These loan repayments may be recouped, according to FTX attorneys who sued on behalf of Alameda, because they were paid so close to FTX and Alameda’s own bankruptcy in November 2022.
In addition to acknowledging claims that Alameda exploited deposits from FTX customers for its risky investments, FTX also claimed that Voyager and other crypto lending companies were culpable in it.
“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital,” FTX stated.
Alameda requests the court to rule these “are avoidable preferential transfers” and “award [Alameda] no less than $445.8 million (plus the value of any additional avoidable transfers Plaintiff learns,” alongside any fees incurred.
Alameda further asks the court to “Award Plaintiff its attorneys’ fees, pre-and post-judgment interests, and costs of suit; and Award Plaintiff all other relief, at law or equity, to which it may be entitled.”
Last year, FTX was trying to help Voyager after its bankruptcy, even beating Binance to become the highest and the winning bidder for Voyager Digital’s assets. Tables have turned since, as they now need the bankrupt Voyager’s help with the $446M.
Recently, Voyager Digital received initial court approval to sell its assets to Binance.US in a deal worth roughly $1 billion after State securities regulators, the U.S. Securities Exchange Commission (SEC), Alameda Research, etc rejected Voyager’s proposed deal in addition to CFIUS.
