New Development in FTX’s $1.4 Billion Voyager Deal!

Voyager Digital Ltd. is attempting to seal a deal to sell itself to one of the bidders who lost the auction for its bankrupt crypto lending company after FTX was forced into bankruptcy proceedings.

One of the losing bidders cryptocurrency exchange was CrossTower.

Voyager Announces FTX Deal Failed

According to Voyager’s main bankruptcy attorney, Joshua Sussberg, FTX violated its contract to buy Voyager out of bankruptcy.

Sussberg said in court on Tuesday that FTX has acknowledged that Voyager may pursue other bids, but has yet to confirm that the company has withdrawn from the contract to acquire Voyager.

During Voyager’s bankruptcy hearing, Sussberg said:

“We were shocked, disgruntled, appalled. There will be no transactions with FTX, I think that’s pretty obvious.”

These events underscore how the sudden collapse of FTX, the world’s second-largest cryptocurrency exchange, rippled through the industry, hurting smaller, troubled crypto companies like Voyager. The Voyager deal broke down after FTX founder Sam Bankman-Fried stepped down as CEO and the company filed its own Chapter 11 bankruptcy.

“I don’t think we’ve seen the end of the spread factor of the crisis or the fear circulating in the market,” Sussberg said in court.

Lawyers said during a telephone hearing that the company won the weeks-long auction for Voyager under an agreement that required the creditors’ payment plan to be approved by the court.

Voyager filed for bankruptcy earlier this year after the sharp decline in cryptocurrencies.

The sale to FTX was valued at approximately $1.4 billion, of which $51 million was in cash. As part of the sale, the company would migrate customers to its platform.

*Not investment advice.

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