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Voyager reopens the bidding process after FTX files for Bankruptcy

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Written by   16
2 months ago

Hey Peeps!

 

Since this whole FTX saga started, many Voyager customers (including myself sadly) have been on edge as to what this means regarding the agreed-upon purchase. 

On November 11th, we got our answer...

Voyager announced, via a press release, that the company has reopened the bidding process and is now in search of a new company to step in and purchase Voyager and it's assets.

 

Voyager disclosed that they did have some exposure to FTX's collapse.

It is important to note that the financial exposure is limited to a balance of approximately $3 million, comprised of locked Terra 2.0 (LUNA2) and Serum (SRM) that are unable to withdrawn.

Voyager went on to disclose that they successfully recalled loans from Alameda Research for 6,500 BTC and 50,000 ETH.

At this time, Voyager has no loans outstanding with any borrower.

 

Thankfully, during bankruptcy proceedings in October, US Bankruptcy Judge Michael Wiles stated that Voyager has the right to cancel its current deal with FTX, if a higher offer is made. 

 

As it currently stands, the Asset Purchase Agreement between FTX and Voyager is still in place, but Voyager is open to other offers. 

There is some hope at the end of the tunnel, as crypto exchange CrossTower made a bid for Voyager that was rumored to be better than FTX's bid of $1.4 billion. 

If it was a better bid, I am not sure why Voyager went with FTX instead of CrossTower, especially when the main goal should be to maximize the returns to customers and creditors. 

 

"CrossTower will continue to drive towards a transaction that maximizes value for Voyager’s customers. We believe in the cryptocurrency industry." - CrossTower representative

 

The quote above was made after Voyager announced they accepted FTX's bid to purchase. 

Hopefully, they are still adamant about purchasing Voyager after the collapse of FTX, and the Voyager deal. 

 

Were you affected by the collapse of Voyager? 

How are you feeling now? Optimistic? Dreadful?

I have to say, it may be a blessing in disguise to not be bought out by FTX and Sam Bankman-Fried. 

See ya!

:)

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