AlamedaFTX Proposal Drop by Voyager, Saw it ‘Harm Customers’

AlamedaFTX Proposal Drop by Voyager, Saw it ‘Harm Customers’
  • Voyager Digital Holdings rejected Alameda FTX take over proposal.
  • The firm filed a rejection letter stating that Alameda FTX’s proposal was misleading and could harm its customers.
  • Bankman-Fried said customers lost enough already and they should be able to claim their assets.

Crypto lending firm Voyager Digital Holdings declined the joint proposal of its competitor Alameda Ventures and FTX (AlamedaFTX) to take over its digital assets for the reason that the proposal was “highly misleading” and could possibly “harm customers.” 

FTX, FTX US, and Alameda, companies affiliated to Sam Bankman-Fried, publicized its offer on July 22 to provide early liquidity to Voyager clients, except defaulted loans from 3AC. The deal would let Alameda accumulate all of Voyager’s assets — excluding 3ac, and eventually allow users affected by the bankruptcy to either sell or trade them via FTX platform.

The rejection letter, which was filed in court on July 24, was part of the developing bankruptcy proceedings.According to the document filed in court, Alameda FTX’s proposal “was designed to generate publicity for itself rather than value for Voyager’s customers,” and could compromise any other potential bidding. The letter also listed reasons why the proposal could “harm customers,” and how it makes “several false and misleading assertions.”

Furthermore, Voyager claims that the public press release “laden with misleading or outright false claims,” and AlamedaFTX breached many “obligations to the Debtors and the Bankruptcy Court.” Voyager stated that their plan to reorganize the firm is the better way for they promise to distribute all its customers crypto assets.

Voyager claims that the offer of AlamedaFTX is just a “low-ball bid dressed up as a white knight rescue.” They emphasized that all the proposal does is to “buy customers’ claims at a discount.”Meanwhile, Bankman-Fried responded via a Twitter thread to Voyager’s rejection stating that the bankruptcy process would slowly drain the remaining funds of Voyager’s clients. In addition, he said that customers already lost enough and they should be able to claim their assets for proceedings like this could take years.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.