Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-11-11 21:21:33

Voyager Digital reopens bidding process after FTX files for Chapter 11 bankruptcy

Voyager Digital ( OTCPK:VYGVQ ) said Friday it is evaluating strategic options after FTX filed for voluntary Chapter 11 bankruptcy and has reopened the bidding process. The no-shop provisions of the deal between Voyager ( OTCPK:VYGVQ ) and FTX US are no longer binding. Voyager ( OTCPK:VYGVQ ) is in active discussions with alternative bidders. The cryptocurrency firm clarified that it did not transfer any assets to FTX US in connection with their deal. FTX US had submitted a $5M "good faith" deposit as part of the auction process, which is held in escrow. Voyager ( OTCPK:VYGVQ ) added that it recalled loans from Alameda Research for 6.5K bitcoin ( BTC-USD ) and 50K ether ( ETH-USD ). The company currently has no loans outstanding with any borrower. "At the time of FTX's Chapter 11 filing, Voyager ( OTCPK:VYGVQ ) maintained a balance of ~$3M at FTX, substantially comprised of locked LUNA2 and locked SRM that it was unable to withdraw because they remain locked and subject to vesting schedules," the firm added. FTX US made the highest bid, at ~$1.42B, for Voyager ( OTCPK:VYGVQ ) after multiple rounds of bidding in an auction process that lasted two weeks .

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.