A new revelation shocked the crypto community which stated that FTX CEO Sam Bankman-Fried’s (SBF’s) Alameda Research still owes $377M to crypto lender Voyager Digital.
The crypto winter seems to be bringing the entire community to its knees as some cryptocurrency businesses cease operations, some declare bankruptcy, and yet others discontinue their offers.
This is really ironic in the sense that just last month Voyager secured a credit line from Alameda Research. The loan of $500M was in two parts having an annual interest rate of 5% payable on maturity, set to expire on December 21, 2024.
Just yesterday, Voyager Digital filed bankruptcy in the U.S. Bankruptcy Court of the Southern District of New York. The disclosure about Alameda Research was detailed in the same bankruptcy filing.
Alameda Research owes Voyager $377M, with interest ranging from 1% to 5%. According to a list of Voyager’s biggest unsecured claims on page 119 of the filing, the unpaid sum includes a $75M unsecured loan.
Alameda’s debt places it as Voyager’s second-largest borrower, with the company acknowledging that hedge fund Three Arrows Capital owes it more than $600M and even sending 3AC a notice of default.
Also Read: Three Arrows Capital Files for Chapter 15 Bankruptcy
Sam Bankman-Fried has a stake in the recovery of Voyager. With 11.6% of the shares, Alameda and its venture arm, Alameda Ventures were the sole largest stockholders in Voyager.
Alameda later revealed in a press release that it has returned 4.5M of its shares for nothing in exchange. At the time, VYGVF was trading at $0.56 per share, and those shares were valued at $2.6M.
