FTX has a way to give Voyager clients some of their assets back earlier by buying out all of the assets and loans except the ones of Three Arrows Capital which will remain an issue for Voyager so let’s read more in our latest cryptocurrency news today.
FTX is proposing to buy out the Voyager Digital Assets and loans aside from the ones of Three Arrows Capital. FTX and Alameda Ventures will offer Voayger digital customers a chance for a new start by opening an FTX account and opening a cash balance funded by an early distribution on the portion of the bankruptcy claims as FTX stated. To accomplish this, Alameda Ventures said that it will like to buy the Voyager digital assets and digital asset loans with the exception of the loans of 3AC.
FTX has a way to give the clients a chance but a letter from the exchange and Alameda explains that Voyager Digital customers that don’t want an account with FTX will retain their rights in the bankruptcy proceedings but won’t get reimbursements. Accepting the offer will protect Voyager Digital clients from the lowering value of the assets that currently they don’t have access to as the reimbursement for the assets will be based on their value on July 5.
After setting up an FTX account, Voyager Digital clients will be able to continue trading their crypto or can cash out their accounts right away. The CEO Sam Bankman Fried said:
“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business — a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks.”
In addition to buying the Voyager digital assets and loans at market value, FTX will acquire all the customer information for a payment of $15 million and receive trademarks and other intellectual property as well and FTX can also write off the $75 million loan claim against Voyager Digital. FTX asked Voyager Digital to respond to the offer with an eye to getting expedited approval from the courts and close the deal by August 17. The 3AC funds will still be liable to recovery by Voyager Digital so the customers will receive separate reimbursement on their deals with FTX.
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