The crypto exchange giant FTX of CEO Sam Bankman-Fried is close to acquiring the assets of the plagued Voyager Digital. It is still possible for higher bids to come, but for now FTX seems to be winning.
Battle between FTX and Wave Financial
This week, the bankruptcy judge organized an auction for Voyager Digital’s assets. In its final phase, it turned into a battle between Bankman-Fried’s FTX and Wave Financial, a digital asset investment platform. Ultimately, FTX became the highest bidder, although it is not clear exactly how much they are paying for Voyager Digital’s assets. Both FTX and Wave Financial have so far declined to respond to requests for comment.
On August 25, CoinDesk managed to reported that FTX and Binance were together in the race to take over Voyager’s assets. FTX eventually turned out to have made an offer that Voyager labeled “too low”. The presence of Wave Financial was not yet known at that time. Earlier this week it was also announced that FTX is raising capital to finance a possible acquisition.
Light at the end of the tunnel
A deal for Voyager Digital’s assets has the potential to bring the dire situation to a reasonable end. So far, the year 2022 is proving to be a terrible one for the crypto market. This is partly due to the weak macroeconomic conditions, but also cannot be seen in isolation from the collapse of the Terra protocol, which caused many major parties to get into trouble.
After the market reached a temporary bottom in June, the liquidity problems of many of the big players in the market also came to light. For Voyager Digital customers, this resulted in the suspension of recordings at the beginning of July. From that moment on it was no longer possible to remove assets from the platform, the true nightmare of every investor became reality for Voyager Digital’s customers. Now, thanks to the deal with FTX, they seem to be getting off ‘reasonably’.
