FTX and Alameda Ventures want to offer Voyager Digital clients the ability to open a new FTX account with an opening balance funded by an early distribution of a portion of their bankruptcy claims, FTX announced in a statement Friday. To achieve this, Alameda Ventures said it would like to purchase all of Voyager’s digital assets and digital asset loans, with the exception of loans to Three Arrows Capital (3AC).
A letter from a legal representative for FTX and Alameda Ventures explained that Voyager Digital customers who did not choose to create an FTX account would retain their rights in bankruptcy proceedings, but would not receive an early refund. Accepting the offer would protect Voyager Digital customers from the depreciation of crypto assets they currently do not have access to, as their digital assets will be reimbursed based on their value on July 5.
After opening an account with FTX, Voyager Digital clients will be able to continue trading their cryptocurrencies or withdraw money from 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 cryptocurrency business, a way that allows clients to obtain early liquidity and recover a portion of their assets without forcing them to speculate on the results of bankruptcy and take unilateral risks.
In addition to purchasing Voyager Digital’s digital assets and 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 write off its $75 million credit against Voyager Digital.
FTX asks Voyager Digital to respond to the offer by July 26, with the expectation of receiving quick approval from the bankruptcy court and closing the deal by August 17. 3AC’s funds would still be eligible for recovery by Voyager Digital, and its customers would receive a refund separate from their agreements with FTX.
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