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FTX Wins Bid to Buy Crypto Lender Voyager Digital's Assets Out of Bankruptcy
FTX US's bid is valued at approximately $1.4 billion, according to a Voyager press release late Monday Eastern time.
Exchange giant FTX won the bidding war to buy the assets of bankrupt Voyager Digital, Voyager said in a press release late Monday Eastern time. FTX was bidding against Wave Financial, a digital-asset investment firm.
Voyager Token (VGX) rose after the announcement, gaining 3.76% as of 04:17 UTC, trading around 76 U.S. cents.
STORY CONTINUES BELOW
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Crypto lender Voyager Digital filed for bankruptcy in July. Industry observers had been increasing their scrutiny of Voyager’s business practices, particularly how the Canadian-listed firm said in marketing materials that investors' deposits were protected by Federal Deposit Insurance Corporation (FDIC) insurance.
While FDIC insurance would indeed protect bank-held cash deposits up to $250,000, it would not cover cash converted to stablecoins. According to writer Frances Coppola, Voyager’s loan book accounted for nearly half of its total assets, and nearly 60% of that loan book was composed of loans to Three Arrows, which filed for Chapter 15 bankruptcy, also in July.
CoinDesk was first to report on Sept. 16 that FTX was in the lead to buy Voyager's assets.
Read more: FTX Is in the Lead to Buy Crypto Lender Voyager Digital’s Assets Out of Bankruptcy: Source
UPDATE (Sept. 27, 2022, 04:36 UTC): Adds Voyager Token price in second paragraph.
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
