Popular cryptocurrency The company, which owns and operates the exchange FTX.com, has proposed a scheme that gives Voyager Digital customers the chance to receive a portion of their bankruptcy claims immediately through its platform.
West Realm Shires Inc., the owner and operator of FTX US, FTX Trading announced on Friday. and Alameda Ventures, announced that it is offering this option along with two other firms. A letter to Voyager outlined the details of the plan.
Voyager Customers Can Get Some of Their Funds Back Through FTX
Voyager Digital customers with bankruptcy claims will be able to get some of their funds back immediately by opening an FTX.com account. FTX says participation is voluntary.
The press release by FTX.com included the following statements:
“As part of the joint offer, Voyager customers have the opportunity to open a new account on FTX and receive a portion of their bankruptcy claims as an opening balance as an early distribution.
Customers will be able to withdraw their cash immediately or use it to purchase digital assets on the FTX platform.”
The proposal will be submitted to the bankruptcy court for approval. FTX said in a press release that it hopes to close the deal as soon as possible and “preferably in early August.” In a letter announcing its offer to Voyager Digital, FTX stated that it expects a first response from the firm by July 26 and “targets the documents to be finalized by Saturday, July 30.”
Sam Bankman-Fried, CEO of the cryptocurrency exchange, said in his statement on the subject:
“Voyager customers did not choose to be bankruptcy investors with unsecured debts. The purpose of our joint proposal is to help create a better way to resolve a bankrupt crypto business.
This is a path that allows clients to gain early liquidity and buy back some of their assets without being forced to speculate on bankruptcy outcomes or take unilateral risks.”
*Not investment advice.