Alameda Research will return an estimate of $200 million by end of September to Voyager Digital, which is proceeding through bankruptcy. A cryptocurrency loan was made to Alameda in September 2021 with the sum close to $380 million.
A court filing in the Bankruptcy Court of Southern District of New York from Monday shows Alameda, founded by FTX CEO Sam Bankman-Fried, will pay back 6,553.42 BTC ($125.4 million) and 51,204.38 ETH ($69.1 million) in principal and loan fees, on top of smaller sums in other tokens including dogecoin, USDC, luna classic, and Voyager’s native asset VGX by by Sept. 30.
In return, Voyager will return the collateral for loans that Alameda had pledged in the amount of 4,650,000 FTX tokens ($110.1 million) and 63,750,000 serum tokens ($49.1 million), which total up to $160 million. Since July, the company has been undergoing Chapter 11 bankruptcy procedures and has been auctioning off its assets in September in order to return part of the funds to its clients.
Voyager and Alameda have a deep relationship according to court documents and financial documents during the bankruptcy case. Voyager’s financial troubles led Alameda to switch from borrower to lender and offer a $500 million bailout. However, this has led to a public conflict between the two sides with Voyager rejecting a buyout, claiming that it could “harm customers.”
Additionally, Voyager’s financial records indicate the company lent $1.6 billion in crypto loans to a company registered in the British Virgin Islands, the same place where Alameda is registered. Alameda was the largest stakeholder in Voyager, with an 11.56% stake acquired through two investments totaling $110 million. The company surrendered 4.5 million shares to avoid reporting requirements earlier this year, bringing its equity down to 9.49%.
Voyager, along with several other crypto platforms and lending companies, such as Celsius, BlockFi, and Hodlnaut, struggled to continue operating after the global crypto market crashed in the early summer of 2022.