Quantitative trading firm Alameda Research will return bankrupt Voyager Digital at a $200 million valuation. Alameda borrowed money in cryptocurrency in September 2021. At that time, the amount was close to 380 million dollars.
According to a recent filing in the Bankruptcy Court for the Southern District of New York, both parties have reached an agreement and Alameda will return approximately 6,553 bitcoins (
BTC
point down
$19,597
) and 51,000 ether (
Ethereum
point down
$1333
) until 30 September. Alameda confirmed on her Twitter account that she is ready to return the money:
We are happy to return the credit to Voyager and return the warranty at any time convenient for Voyager.
— Alameda Research (@AlamedaResearch) July 8, 2022
In return, Voyager will have to return a security of 4.65 million FTX tokens (FTT) and 63.75 million Serum (SRM), which is $160 million at press time. The company has been in Chapter 11 bankruptcy proceedings since July, and began auctioning off its assets in September to return some of the funds to customers.
During the bankruptcy case, court proceedings and financial documents demonstrated a deep connection between Voyager and Alameda. In June, when Voyager ran into trouble, Alameda went from borrower to lender and offered a $500 million bailout. However, this led to a general dispute between the two parties, as Voyager rejected the takeover, stating that it could “harm customers”.
Related topics: Merger of Alameda Research and FTX VC Operations
Also, Voyager’s financial records show that it made crypto loans worth $1.6 billion to a company based in the British Virgin Islands, where Alameda is registered. At the same time, Alameda was also the largest shareholder in Voyager, with 11.56% of the company’s shares acquired through two investments totaling $110 million. Earlier this year, Alameda sold 4.5 million shares to avoid reporting requirements, bringing its stake down to 9.49%.
Like many other crypto platforms and lenders, including Celsius, BlockFi and Hodlnaut, Voyager has struggled to continue in the wake of the global crypto market crash of early summer 2022.
