Mathisen Marketing

Your Marketing Blog

Embattled Crypto Broker Voyager To Sell Assets To Sam Bankman-Fried’s FTX For $1.4B ⋆ ZyCrypto

Embattled Crypto Broker Voyager To Sell Assets To Sam Bankman-Fried’s FTX For $1.4B

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase!


&nbsp &nbsp

Major crypto exchange FTX has won the bid for the financially troubled crypto lending company Voyager and its assets.

Voyager has accepted a $1.4 billion buyout offer from FTX to buy its digital assets out of bankruptcy, beating out Binance and Wave Financial in a battle to buy the cornered company.

FTX wins Voyager auction

Voyager has agreed to sell its assets to the highest bidder, FTX.

According to Voyager’s late Monday announcement, FTX’s offer reflects more than $1.3 billion in the fair market value of its crypto assets. However, the final value of the sale is based on the prices of the date to be determined. The offer also includes $111 million in what it describes as “value added.”

“Voyager received several offers considering sale and restructuring options, conducted an auction and, based on the results of the auction, has determined that a sale transaction with FTX is the best option for Voyager’s stakeholders.” the press release reads.


&nbsp &nbsp

FTX had made an unsolicited offer for Voyager in July, which lawyers representing the company dismissed as “a low-ball offer dressed up as a white knight to the rescue.”

The now confirmed FTX purchase agreement for Voyager could bring a relatively tidy end to one of the exhausting stories of a terrible year in the crypto industry.

How Voyager Became a Sinking Ship

When crypto prices fell, Voyager prevented customers from withdrawing their funds on July 1st.

The Toronto-based company filed for Chapter 11 bankruptcy, which will allow it to retain control of its assets and continue operations while it plans to pay off its obligations — on July 5 after hedge fund Three Arrows Capital defaulted on repayments. 665 million dollars in loans from the broker. Then, in early August, it received court permission to return its customers’ withdrawals.

Voyager opened a bidding process for the remaining assets earlier this month as part of its bankruptcy proceedings.

It’s worth bearing in mind that Voyager isn’t the only crypto lender to have faced solvency issues in recent months following this year’s crypto market crash, with Celsius, Hodlnaut and BlockFi all halting customer withdrawals.

Now that the two-week Voyager stake auction process has concluded, according to the crypto lender, FTX “allows clients to trade and hold cryptocurrencies after the company’s Chapter 11 cases are completed.” A hearing on the real estate purchase agreement is scheduled for October 19.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase!

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts