FTX Will Purchase The Assets of Insolvent Voyager.

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Crypto exchange FTX, whose bailout proposal the bankrupt institution had earlier this year been rejected, has won its assets in a $1. 42 billion bid at an auction, according to Voyager Digital. According to a statement from Voyager, the FTX bid consists of the fair market value of all Voyager cryptocurrencies; at anfuture date, which is to be over $1. 31 billion at today’s market pricing, plus an extra $111 million in additive value.

The company also stated that the bankruptcy estate would continue to hold its claims against the hedge fund Three Arrows Capital; and would distribute any available proceeds to the estate’s creditors.
The Singapore-based hedge firm received a notice of default from Voyager in June for failing to make the required payments on a loan of 15,250 bitcoin.

The business rejected an offer from FTX, the company founded by billionaire Sam Bankman-Fried, in July; calling it a “low-ball bid dressed up as a white knight rescue” that would obstruct its bankruptcy process.

Reuters.

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