Voyager Digital chose FTX.US to purchase its assets for $1.42 billion less than eight weeks prior to filing for Chapter 11 bankruptcy in July 2022. But after its collapse, the bankrupt crypto lender was left without a buyer.
The American division of Binance, the largest cryptocurrency exchange in the world by volume, is getting ready to make another offer for the assets of struggling lender Voyager Digital.
In July 2022, Voyager Digital voluntarily started a Chapter 11 restructuring process.
After a two-week auction, the highest bidders for the assets of Voyager Digital by September 2022 were FTX and Binance.
The best and highest bid for Voyager Digital’s assets was announced to be FTX US’s offer of $1.42 billion on September 26 by Voyager Digital and the Voyager Official Committee of Unsecured Creditors (UCC).
Voyager said it has reopened the bidding process and is in active communication with substitute bidders as a result of FTX Group’s bankruptcy filing.
Voyager reported that FTX US successfully recalled loans from Alameda Research worth 6,500 BTC and 50,000 ETH in exchange for a $5 million “good faith” deposit that is currently in escrow.
The business claimed it had no unpaid debts to any borrowers, but at the time FTX Group filed for bankruptcy, it still had a balance of about $3 million at FTX.