FTX sends 50,000 Ethereum to Voyagar Digital

According to a recent source, FTX delivered Voyager Digital’s primary wallet 50,000 Ethereum, valued at around $65 million. The transaction was confirmed in a tweet by Alex Svanevik, the CEO of the blockchain analytics company Nansen.

Some crypto companies struggled with insolvency as a result of the crypto winter. Even several cryptocurrency businesses left the market as a result of this negative market.

Even worse, several businesses drastically reduced their workforce while others completely ceased operations. One of the companies that lost 20% of its workforce owing to cash flow problems was Coinbase.

Voyager Digital is one of the businesses that later ceased operations. According to a source, the business ceased accepting withdrawals, deposits, and incentives on its platform. Additionally, it later declared bankruptcy under Chapter 11 in July.

Last month, when Voyager opened its doors for asset auctioning, FTX came out on top. FTX purchased Voyager assets for around $1.4 billion by outbidding its rival, Binance. The business later sent some money to the cryptocurrency lending companies.

Voyager Digital recently announced an auction to sell its assets, drawing interest from various companies, including the cryptocurrency exchange Binance. On September 26, FTX US outbid other companies and was successful in acquiring the assets of Voyager.

As payment for the completion of its acquisition, the FTX US will get cryptocurrency assets worth $1.4 billion. The asset purchase agreement between Voyager and FTX US is anticipated to be presented for the required clearance.

The Southern District of New York US Bankruptcy Court is scheduled to receive the presentation on October 19.

However, FTX transferred 50K ETH to Voyager without the asset acquisition agreement receiving judicial clearance. The transfer is thought to have anything to do with the $1.4 billion asset purchase. This sum consists of a $51 million additional cash payout, as well as incentives totaling $60 million.

A few regulatory agencies have voiced concerns about selling FTX US the assets of Voyager. The Texas State Securities Board and the Texas Department of Banking are two of these.