Sam Bankman-Fried, the co-founder and Chief Executive Officer of FTX Derivatives Exchange, justified the bid the trading platform and its subsidiary Alameda Ventures extended to bailout Voyager Digital.
Late last week, the joint offer extended from FTX and Alameda revealed that the duo was willing to permit Voyager digital’s customers to withdraw 75% of funds locked on the bankrupt firm’s platform. Per the terms of the offer, the remaining 25% can be drawn out via the liquidation process when the $650 million debt from Three Arrows Capital (3AC) is fully recovered.
Voyager’s lawyers have faulted the deal, saying it is a "low-ball bid dressed up as a white knight rescue" that only benefits FTX. The consultants working with Voyager Digital accused FTX of cherrypicking liabilities to assume and that the deal "transfers significant value to AlamedaFTX, and eliminates the value of assets that are of no interest to AlamedaFTX."
In defence, Bankman-Fried said he does not wish that Voyager...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...