FTX and Alameda Research are stepping in to rescue struggling customers from the Voyager Digital exchange. The companies plan to give Voyager Digital customers a new FTX account with a cash balance reflecting an early distribution of their bankruptcy claims.
FTX offers recovery plan for Voyager customers
FTX released a statement Friday outlining this plan to restore funds to users affected by Voyager’s action to stop withdrawals. The exchange issued a statement on Friday indicating that it would achieve this by purchasing all of Voyager’s digital assets and digital asset loans. However, the only assets that would not be purchased under the FTX deal belong to Three Arrows Capital.
A letter released by legal representatives of FTX and Alameda Ventures said Voyager Digital customers who did not wish to create an account with FTX could retain their rights under the bankruptcy filing. However, these customers would not be eligible for prepayment as outlined in FTX’s plan.
If they accepted the offer, Voyager Digital’s customers would benefit from trading the assets they will have access to and avoid further depreciation. The assets will be redeemed based on the value they were trading at on July 5.
Your capital is in danger.
Users who agree to this arrangement and create an NFT account will have immediate access to trading their crypto and even withdrawing their funds. FTX CEO Sam Bankman-Fried said the goal of the proposal was to create a better way for people to resolve insolvency issues at cryptocurrency businesses.
Bankman-Fried even talked about the benefits that would accrue to customers who wanted to be part of the deal, saying they would have access to early cash and recover some of their assets without having to speculate on how the bankruptcy proceedings would go. would end, thus taking a risk.
FTX makes an offer to Voyager
In addition to having an agreement that reimburses customers, FTX has also offered an offer to Voyager. FTX will acquire Voyager customer contact information for $15 million and gain access to trademarks and intellectual property. The exchange will also cancel the $75 million loan claim against Voyager.
The exchange has asked Voyager Digital to respond to this offer by Tuesday next week. The exchange also expects to receive expedited approval from the court handling the bankruptcy case and finalize the deal on August 17.
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