Quantitative trading company Alameda Research will return an estimate of $200 million to Voyager Digital, which is on the path to bankruptcy. Alameda borrowed the money in cryptocurrency in September 2021. At the time, the amount was close to $380 million.
According to a recent filing in New York’s Southern District Bankruptcy Court, the two parties have reached an agreement, and Alameda will return approximately 6,553 Bitcoin (BTC) and 51,000 Ether (ETH) by September 30. Willingness to refund:
In return, Voyager will have to return collateral in the form of 4.65 million FTX tokens (FTT) and 63.75 million Serum (SRM), which amount to $160 million by press time. The company has been in Chapter 11 bankruptcy proceedings since July, and began auctioning its assets in September in order to return part 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 got into trouble, Alameda switched from borrower to lender and offered a $500 million bailout. However, this led to a general dispute between the two sides as Voyager rejected the takeover, claiming it might “harm customers”.
Related Topics: Alameda Research and FTX VC Operations Mergers
Moreover, Voyager’s financial books indicate that it lent $1.6 billion in crypto loans to an entity located in the British Virgin Islands, the same place where Alameda is registered. At the same time, Alameda was also the largest shareholder in Voyager, with an 11.56% stake in the company acquired through two investments totaling $110 million. Earlier this year, Alameda gave up 4.5 million shares to avoid reporting requirements, bringing its stake down to 9.49%.
Like many other crypto platforms and lending entities, including Celsius, BlockFi and Hodlnaut, Voyager has struggled to continue its operations in the wake of the global crypto market crash in the early summer of 2022.