The CEO of FTX, Sam Bankman-Fried (SBF) took to Twitter to lash out at troubled crypto lender Voyager Digital after its lawyers rejected the buyout offer.
Bankman-Fried questions why customers haven’t received their funds back from Voyager before paying back the assets (if any) seized from Three Arrows Capital if Voyager still has 75% of its assets.
He believes that several bankruptcy agents are “bleeding the customer’s frozen assets dry with consulting fees.”
He gave an example and said that “if a customer had 1 BTC on the platform, and BTC was worth $30k…and then it takes years to go through bankruptcy…what do they get back? 1 BTC, or $30k? Probably, whichever is worth less. So the longer the process drags out, the more optionality customers lose.”
Bankman-Fried also mentioned that several third-parties were trying to bid $0.10 on the dollar for the assets, which would only result in the customers losing a majority of their investment.
He believes that the bailout offer made by FTX, FTX.US, and Alameda would ensure that the customers don’t lose any more funds.
Since bankruptcy proceedings can drag on for years and the affected users have “been through enough already”, they should be able to claim their assets sooner.
Voyager, on the other hand, disagrees. The company filed a letter in court on July 24th, where its lawyers said that the deal offered by the three companies tied to FTX CEO Sam Bankman-Fried “openly disparaged Voyager” and had “misleading and outrightly false” assertions.
Voyager stated that the proposal was a “low-ball bid dressed up as a white knight rescue” benefitting FTX itself.