The beleaguered cryptocurrency investment firm Alameda Research has sued bankrupt cryptocurrency lender Voyager Digital in an effort to recover loan repayments FTX made before its collapse in November..
Attorneys handling the bankruptcy case for FTX and Alameda sued Voyager for $445.8 million in a Delaware court on January 30..
Although both companies filed for bankruptcy in 2022, Voyager filed for Chapter 11 four months earlier, in July. Following Voyager’s bankruptcy filing, the cryptocurrency lender demanded repayment of all outstanding loans from FTX and its affiliated investment firm, Alameda..
According to FTX attorneys acting on Alameda’s behalf, these loan repayments are eligible to be recovered since they were made so close to the FTX and Alameda bankruptcy in November.
FTX claims it paid Voyager $248.8 million in September and $193.9 million in October. The exchange also made a $3.2 million interest payment in Augustaccording to court documents.
FTX acknowledged the allegations that Alameda used FTX client deposits for its venture investments, but added that Voyager and other cryptocurrency lending firms were also complicit., “knowingly or recklessly” funneling customer funds into Alameda with “little or no liability.” He stated:
“Voyager’s business model was that of a feeder fund. She solicited retail investors and invested their money with little to no liability in cryptocurrency mutual funds like Alameda and Three Arrows Capital.”
The embattled crypto exchange hopes to repurpose any recovered funds to repay some of its creditors.
FTX had planned to buy Voyager out of bankruptcy before its collapse in November.
Besides, FTX has asked the court to exclude two of its Turkish subsidiaries from bankruptcy proceedings.
In a motion filed on January 27, the company has requested the exclusion of FTX Turkey and SNG Investments, as it considers that the US courts have no jurisdiction in the country and the clients had already initiated private claims against the company.
“The orders made by this Court have no legal or practical effect in Turkey and the debtors have no reason to believe that the Turkish government will comply with the orders of this Court,” the petition states..
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