Alameda research, a crypto-orientated venture capital founded by the CEO of FTX Sam Bankman-Fried has sued the embattled digital currency platform, Voyager Digital. The platform is trying to recover about $445 million it loaned out to Voyager Digital prior to its bankruptcy.
According to the lawsuit filed by representatives of bankrupt FTX and Alameda in the US Bankruptcy Court for the District of Delaware on January 30, the crypto firm demanded that Celsius pay back all the loans sent made by the FTX entity prior to its filing for Chapter 11 bankruptcy last year.
Interestingly, the repayment was made in three tranches which include a $3.2 million interest paid in August and $248.8 million and $193.9 million in September and October respectively.
While citing the bankruptcy laws which ensure that no creditor is favored over another, the lawyers representing FTX claim these payments are subject to recovery based on their proximity to FTX’s bankruptcy filing.
Additionally, the lawyers argue that Voyager contributed to the fall of FTX and its sister company adding the lender failed to perform due diligence before investing in retail investors’ funds and operated a “feeder fund” model.
Interestingly, FTX in the filing said it intends to pay back Alameda’s Research creditors with the recovered funds.
FTX Attempts to Buyout Voyager
Prior to the collapse of the $32 billion exchange, FTX attempted to acquire Voyager as it promised to give the company’s customers access to 100% of the remaining assets locked on the digital platform. However, the embattled crypto lending platform rejected the offer from the duo of FTX Exchange and Alameda Ventures calling the offer a “low-ball bid dressed up as w white knight rescue” that only benefits FTX.
Aside from FTX, Binance US in December 2022 also said it is willing to acquire assets of the defunct cryptocurrency lender for $1 billion. Despite the fact that the company concluded that Binance.US had made the highest and best bid for its assets, the United States Securities and Exchange Commission (SEC) objected to the exchange’s plan.
In a “limited objection” filing made early this year, the SEC questioned Binance.US on its capability to complete the huge deal, emphasizing the lack of clarity in its purchase agreement.
