Voyager Digital and FTX agree to a $445 million loan
Voyager Digital has reached an agreement with FTX and its unsecured creditors to hold a disputed $445 million loan payment until a settlement or court order is reached. This was stated in a court filing on February 22nd.
According to the filing, the bankrupt cryptocurrency lender will also hold a $5 million deposit made by FTX in escrow until ownership is litigated in the New York Bankruptcy Court and decided by settlement or a final and unappealable order.
The relationship between FTX, Alameda, and Voyager is complex due to their respective bankruptcies. In January, Alameda Research, a sister company of FTX, sued Voyager for $445.8 million, alleging that Voyager “fueled” Alameda’s misuse of customer funds, either knowingly or recklessly.
Voyager, on the other hand, believes that Alameda has been trying to undermine its restructuring efforts and recently subpoenaed top Alameda and FTX executives over their failed acquisition deal. Additionally, Alameda objected to the purchase of Voyager’s assets by Binance US.
Voyager’s business boomed during the COVID pandemic. Last year, however, the company became one of the casualties of the dramatic fall in prices that shook the cryptocurrency sector.