FTX and Alameda Ventures would like to offer Voyager Digital customers the ability to open a new FTX account with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims, FTX announcement in a statement Friday. To do this, Alameda Ventures said it wanted to buy all of Voyager’s digital assets and digital asset loans, except loans to Three Arrows Capital (3AC).
A letter from a legal representative of FTX and Alameda Ventures explained that Voyager Digital customers who did not choose to create an FTX account would retain their rights in the bankruptcy proceedings, but would not receive prepayments. . Accepting the offer would be protect Voyager Digital customers from depreciation of the crypto assets they currently have do not have access tobecause the repayment of their digital assets will be based on their value on July 5.
After creating an FX account, Voyager Digital customers could continue to trade their crypto or withdraw their accounts immediately. FTX Co-Founder and CEO Sam Bankman-Fried said:
“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business – one that allows clients to quickly get cash and recover some of their assets without forcing them to speculate. on the results of the bankruptcy and to take unilateral decisions. risks.”
In addition to purchasing Voyager Digital’s digital assets and digital asset loans at market value, FTX would acquire all of its customer information for a payment of $15 million and would also receive trademarks and other intellectual property. . FTX would also cancel its $75 million loan claim against Voyager Digital.
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FTX is asking Voyager Digital to respond to the offer by Tuesday, with a view to receiving expedited bankruptcy court approval and closing the deal by August 17. 3AC funds would still be subject to recovery by Voyager Digital, and its customers would receive refunds regardless of their agreements with FTX.