Click here to begin trading on FTX.<\/strong><\/a><\/li>\n<\/ul>\nThis includes all of Voyager Digital\u2019s crypto assets, which are currently pegged at approximately $1.31 billion, as well as a further $111 million of incremental value that will be taken under consideration.<\/p>\n
These assets will become available to West Realm Shires once Voyager has concluded its Chapter 11 bankruptcy proceedings.<\/p>\n
\u201cVoyager received multiple bids contemplating sale and reorganization alternatives, held an auction and, based on the results of the auction, has determined that the sale transaction with FTX is the best alternative for Voyager stakeholders,\u201d said Voyager Digital.<\/p>\n
Making customers whole<\/h3>\n
This is an important step for Voyager Digital customers who have not been able to access their funds since July when the platform blocked all withdrawals, deposits and loyalty rewards.<\/p>\n
Voyager filed for bankruptcy in the same month \u2013 making it one of the first major crypto companies to go bankrupt since the market plummeted in May.<\/p>\n
Notably, FTX CEO Sam Bankman-Fried\u2019s crypto trading firm Alameda Research is one of Voyager\u2019s biggest creditors, reportedly holding unsecured loans worth R1,35 billion.<\/p>\n
Understanding the struggles of Voyager Digital\u2019s customers, Bankman-Fried offered Voyager customers the chance to withdraw their cash immediately through the provision of early-access liquidity.<\/p>\n
Alameda Research and FTX then offered to buy Voyager Digital\u2019s remaining digital assets and loans \u2013 except for defaulted loans made to Three Arrows Capital.<\/p>\n
This was rejected by Voyager Digital, and it instead opted to make its assets available for auction \u2013 leading to West Realm Shire\u2019s successful bid.<\/p>\n
The deal between Voyager and FTX US is dependent on approval from the US Bankruptcy Court for the Southern District of New York \u2013 this will be resolved on 19 October.<\/p>\n
Click here to begin trading on FTX.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"West Realm Shires, which owns FTX, has acquired assets worth more than R25 billion that previously belonged to bankrupt cryptocurrency lender Voyager Digital.<\/p>\n","protected":false},"author":57,"featured_media":629482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[17257],"class_list":["post-629478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-ftx"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/629478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=629478"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/629478\/revisions"}],"predecessor-version":[{"id":629494,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/629478\/revisions\/629494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/629482"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=629478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=629478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=629478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}