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Voyager declines offer from Alameda and FTX

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Centralized crypto lending platform Voyager Digital Holdings has turned down an offer from FTX and its investment arm Alameda Ventures to buy up their digital assets. The reason for the rejection is that the acquisition is not aimed at maximizing value and could potentially harm customers.

The rejection letter

In the rejection letter, which was submitted to the court on July 24 as part of bankruptcy proceedings, Voyager’s attorneys describe why FTX’s offer was rejected. FTX, FTX US and Alameda made an offer to Voyager on July 22 to raise all assets and outstanding loans, except for the failed loan to 3AC.

Voyager Digital representatives claim their own plan to reorganize the company is better and gives customers immediate access to their cash and most of their crypto. According to Voyager, the offer from Sam Bankman-Fried and his FTX was full of misleading or even false claims.

Bankman-Fried pretends the opposite

Sam Bankman-Fried of FTX indicates that his proposal of 22 July would ensure that customers quickly regained access to their funds. “Voyager customers have not chosen to be investors in bankruptcy and thus hold unsecured claims. The purpose of our proposal is to help establish a better way to recover an insolvent crypto company,” said Bankman-Fried.

In a July 24 Twitter thread, Bankman-Fried writes that Voyager Digital’s customers have “been through enough,” and should get their assets back as soon as possible, as bankruptcy proceedings can take years. Voyager’s lawyers, however, contradicted Bankman-Fried, saying the deal “to help Voyager users” is a liquidation of the assets that mainly benefits Alameda and FTX.

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