Together A Loan

The end of the voyage is nigh. After a tumultuous ride through crypto space, the good ship Voyager Digital will conclude its asset auction process this month. Let’s take a look at recent events, and who might come out as the big ‘winner’ of the auction:

• Voyager filed for bankruptcy in July, when customers with USD and crypto on the platform were locked out.
• FTX and Alameda moved quickly with a joint-offer to bail out the platform. However, Voyager dismissed this as not maximising value for its customers.
• Cash holders received some respite in early August. A judge ruled that $270 million of FDIC-insured deposits could be returned to customers from a New York bank.
• The remaining assets were put up for auction on September 13th, according to a court document. Lawyers for Voyager suggested there were dozens of potential participants.
• The results won’t be known until September 29th, but rumours emerged last week that FTX was the big winner.
• Binance is also believed to have taken part. However, Chief Communications Officer Patrick Hillman suggested xenophobia may have been a detrimental factor in their attempt.
• Last night, a court filing showed that Alameda would pay back a $200 million loan to Voyager, mostly consisting of BTC and ETH. In return, they will receive ~$160 million of FTT and SRM collateral.

It’s a game of chess for the big dogs and a game of pain for the little man. If you’ve been affected by Voyager Digital’s asset freeze, follow their blog for restructuring updates.