Cryptocurrency stock market FTXis leading the way to buy the assets of the crypto money debt platform Voyager Digital, which deepened the crisis in the sector with its bankruptcy filing, but according to a person who closely follows the issue, higher offers can be made in the coming days.
Voyager DigitalAn auction was held this week through the bankruptcy court for assets. In the final stage, there was a feud between billionaire Sam Bankman-Fried’s FTX exchange and Wave Financial, a digital asset investment firm.
Koinfinans.com As we have reported, the name who closely follows the subject added that FTX’s offer is higher. It is not yet clear how much FTX accepts to pay. FTX and WaveFinancial officials did not comment on the matter.
It has been previously reported in the press that FTX and Binance are seeking to buy Voyager. FTX made a bid for Voyager in July, which was rejected as a “low bid”. Wave’s name was not mentioned among the bidders. Earlier this week, news emerged that FTX has raised capital in line with a potential acquisition.
A deal on Voyager could mean a relatively orderly end to one of the saddest stories of a terrible year for crypto.
After the prices of crypto-assets fell sharply, Voyager blocked customers from withdrawing their funds in early July. Their clients later became corporate creditors in bankruptcy court and were forced to align with sophisticated restructuring lawyers and financiers as novice participants in a potentially grueling process to get their funds back. Unlike a traditional bank, Voyager’s failure did not trigger government-backed deposit insurance that brought together most bank customers, which surprised some Voyager users.
A purchase would not have ended Voyager’s Chapter 11 case. However, US bankruptcy law is structured to allow troubled companies to sell their assets so they can maximize how much money they can get to pay their creditors.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.