FTX exchange gets approval from the Bankruptcy Court to purchase the Voyager Digital assets

A U.S. bankruptcy court has granted FTX permission to take over the assets of insolvent crypto platform Voyager Digital.

The platform said in a statement that the United States Bankruptcy Court for the Southern District of New York approved Voyager Digital’s “entry into the asset purchase agreement between FTX US and Voyager.”

In the statement, Voyager said,

“FTX US’s bid, valued at approximately $1.422 billion, is comprised of (i) the fair market value of all Voyager cryptocurrency at a to-be-determined future date prior to closing of the sale, which at current market prices as of September 26th is estimated to be $1.311 billion, plus (ii) additional consideration which is estimated to provide approximately $111 million of incremental value to creditors.”

Furthermore, Voyager clarified that its claims against Three Arrows Capital will remain with the bankruptcy estate and any recovery on account of the 3AC claims will be available for additional distribution to Voyager creditors.

The latest development comes nearly three months after Voyager Digital rejected a joint offer presented by FTX and affiliated trading business Alameda, describing it as a “low-ball bid” that could jeopardize the firm’s bankruptcy proceedings.