FTX emerges as highest bidder in Voyager digital bankruptcy auction

FTX emerges as highest bidder in Voyager digital bankruptcy auction

Court documents reveal that crypto exchange FTX of Sam Bankman-Fried is currently the highest bidder in a move to buy the assets of Voyager Digital, the crypto lender that filed for bankruptcy in July.

FTX Leads the Race to Buy Voyager Digital

a court document The US Bankruptcy Court in the Southern District of New York revealed that Voyager Digital’s investment bank, Moelis & Company, held an auction of the assets of the cryptocurrency lender on Tuesday, September 13.

According to Voyager’s attorneys, there were 88 parties interested in purchasing the assets. While none of the names of the interested entities have been publicly released, both FTX and Binance have previously expressed interest in Voyager’s assets.

While it is unclear how high the FTX number Voyager assets have been offered, the cryptocurrency exchange is said to have outperformed Wave Financial, a digital asset investment firm.

When will customers get their money back?

The sale of assets by Voyager aims to provide liquidity in order to pay its customers, whose funds have been frozen since July 1. According to the court document, the bidding winner will not be revealed until September 29.

The potential repayment of creditors and users whose funds have been restricted is expected to begin after this date. Voyager has also been undergoing a restructuring since placing its order Chapter 11 Bankruptcy On the 6th of July.

on the flip side

  • In July, FTX CEO Sam Bankman-Fried made an offer to acquire Voyager’s assets, but the company rejected the proposal, claiming it was a “low-ball” offer.

Why should you care

When the outcome of the auction is announced, Voyager Digital will be in a position to proceed with payments to its creditors, who have been left waiting for months.

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