Voyager Digital has branded FTX founder Sam Bankman-Fried’s (SBF) attempt to buy assets belonging to the troubled crypto lender as “a low-ball bid,” that could “create chaos” in the firm’s ongoing bankruptcy proceedings.
Alameda Research, founded and owned by Bankman-Fried, was one of Voyager Digital’s biggest creditors when it filed for bankruptcy. On June 17, 2022, Voyager announced that it took out a term sheet with $200 million in cash and 15,000 BTC in credit from the firm.
Voyager recently announced that it was filing for Chapter 11 bankruptcy with SBF reportedly acquiring 11.56% of the outstanding shares in Voyager Digital shortly before the filing.
According to Bloomberg, SBF put forward a restructuring deal that would have seen Alameda Research buy up Voyager’s digital assets and digital asset loans in cash at market value. The offer didn’t include loans to Three Arrows Capital.
FTX would then give Voyager customers the option to receive their share of claims by opening a new account with the exchange. However, Voyager’s legal team shot down the proposal, calling it “nothing more than a liquidation of cryptocurrency on a basis that advantages AlamedaFTX.”
“It’s a low-ball bid dressed up as a white knight rescue,” they added in a court filing.
Voyager says it would be open to a more serious offer, but as of now believes SBF’s efforts to be nothing more than a publicity stunt for his own forms.”
Indeed, if SBF was to return…
