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The
FTX bid comprises a fair market value of all Voyager
cryptocurrency, at a to-be-determined date, which is pegged at
about $1.31 billion at current market prices and an additional
$111 million in incremental value, Voyager said in a statement.
The company added that its claims against hedge fund Three
Arrows Capital will remain with the bankruptcy estate, which
will distribute any available recovery on such claims to the
estate's creditors.
Voyager issued a notice of default to the Singapore-based hedge
fund in June, for its failure to make required payments on a
loan of 15,250 bitcoin.
The company in July spurned a proposal from FTX, founded by
billionaire Sam Bankman-Fried, as a "low-ball bid dressed up as
a white knight rescue" and alleged the plan would disrupt its
bankruptcy process.
Bankman-Fried has been throwing lifelines to shore up companies
in a shaky digital assets sector, aggressively acquiring assets,
technologies and customers of distressed crypto companies at
cheap valuations.
FTX in July revealed a 7.6% stake in Robinhood Markets Inc and
handed U.S. cryptocurrency lender BlockFi a $250 million
revolving credit facility in June along with a deal giving FTX
the right to purchase it based on certain performance triggers.
Crypto lenders including Voyager boomed during the COVID-19
pandemic, attracting depositors with high interest rates and
easy access to loans rarely offered by traditional banks.
However, the slump in crypto markets has hurt crypto companies
and investors.
In its Chapter 11 bankruptcy filing in July, Voyager estimated
that it had more than 100,000 creditors and between $1 billion
and $10 billion in assets, as well as liabilities of the same
value.
(Reporting by Juby Babu, Shubhendu Deshmukh and Mehnaz Yasmin in
Bengaluru; Editing by Rashmi Aich and Vinay Dwivedi)
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