A US court has accepted Voyager’s proposal to promote $ one.four billion in assets to cryptocurrency exchange FTX, now pending a determination from consumers.
On the evening of October 21, New York’s Southern District Bankruptcy Court accepted FTX’s proposal that the cryptocurrency exchange would shell out $ one.four billion to get the assets of Voyager, a cryptocurrency loan provider, declared bankrupt in July. 2022.
Voyager is a single of the names straight impacted by the bankruptcy of the Three Arrows Capital investment fund and the consequences of the liquidity crisis in the cryptocurrency industry following the collapse of LUNA-UST in May 2022. This platform has lent Three Arrows Capital a wonderful deal of income. users’ income and did not reply in time, resulting in inability to pay out their debts.
Many large names like Binance and FTX participated in the auction to acquire Voyager’s assets, with the winner of FTX investing up to $ one.four billion. FTX CEO Sam Bankman-Fried previously promised to re-grant consumers entry to their money soon after taking above Voyager, offered they open an FTX account.
Voyager’s attorneys confirmed to the court that consumers can recover up to 72% of the money held on Voyager when the platform is in the hands of FTX. Only consumers who open an FTX account can acquire the requested cryptocurrency back, otherwise stablecoins or income can only be obtained by means of Voyager.
Since FTX does not presently help Voyager’s VGX token, the exchange is “squeezing” Voyager to promote all of its VGX holdings for just $ ten million. Voyager has announced that it will look for other features, but if there are none the business will be forced to promote VGX in accordance to the wishes of the exchange.
Subsequently, Voyager will hold a vote for the consumer local community to determine no matter if to agree to promote the assets to FTX. The deadline for voting will be November 29th.
FTX, below the path of CEO Sam Bankman-Fried, is the title that invested a good deal of income in 2022 to carry out operations to “save” platforms in difficulties due to the liquidity crisis. However, this method was criticized as making the seed of a monopoly in the crypto room, as effectively as the several hidden interests behind the businesses dominated by Sam Bankman-Fried.
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