10.5 C
New York

Alameda to hand $200M in crypto back to bankrupt Voyager

Date:

Sam Bankman-Fried’s Alameda Research is preparing to hand back $200 million in borrowed crypto to Voyager Digital after a New York court ruled in the bankrupt lender’s favor.

Alameda is set to hand back more than 6,500 bitcoins and 50,000 ether by the end of this month, according to a recent filing. In return, Voyager will hand back Alameda’s loan collateral, comprising 4.65 million FTT (FTX’s native token) and nearly 64 million Serum tokens (SRM). This comes to a combined total of just under $160 million.

Voyager had requested that the loan be repaid as it seeks to settle outstanding loans of more than $1 billion with over 100,000 creditors. The company filed for Chapter 11 bankruptcy in July and is said to be in the process of auctioning off assets.

A New York judge has previously given Voyager the go-ahead — albeit reluctantly — to settle a $76,000 balance on 24 company credit cards.

And the troubled company has also promised to hand back as much of its users’ funds as it can, however, it stresses that the exact amounts to be returned will depend on how much it can claw back from its own creditors, chiefly collapsed hedge fund Three Arrows Capital (3AC).

Read more: Here’s why Sam Bankman-Fried is not the JP Morgan of crypto

Alameda owed Voyager much more than we thought

The question of exactly how much money Alameda owed Voyager has been shrouded in confusion.

SBF’s firm reportedly owed Voyager $370 million. However, according to court documents made public in August, it actually borrowed somewhere in the region of $1.6 billion.

This new figure became clear when it was discovered in Voyager’s December 2021 financials that the loan was made to an entity in the British Virgin Islands. Though not explicitly mentioned, it turns out that Alameda is the only counterparty registered there.

For more informed news, follow us on Twitter and Google News or listen to our investigative podcast Innovated: Blockchain City.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://protos.com/alameda-to-hand-200m-in-crypto-back-to-bankrupt-voyager/
spot_img

Latest Intelligence

spot_img

Latest Intelligence

spot_img