June 8, 2023

Troubled crypto lender Voyager Digital will receive hundreds of millions of dollars worth of crypto assets from Alameda Research.

According to recent court filingFTX CEO Sam Bankman-Fried’s cryptocurrency trading firm will repay a nearly $200 million loan to Voyager, the crypto brokerage that filed for bankruptcy earlier this year.

Court documents reveal that Alemeda will repay Voyager 6,553 Bitcoin (BTC) and 51,204 Ethereum (ETH), worth nearly $124.5 million and $68.7 million at the time of writing, respectively.

“The parties have agreed that the Borrower will repay all outstanding amounts under Certain Loans, taking into account all previous repayments and refinancing thereof, in accordance with the terms of the Loan Agreement and this disbursement letter.”

Upon receipt of payment, Voyager will return to Alameda the 4,650,000 FTX tokens (FTT) and 63,750,000 Serum (SRM) held as collateral for the loan. The loan is due to be repaid by September 30, according to court documents.

Voyager initially filed for bankruptcy two months ago after crypto firm Three Arrows Capital (3AC), a prominent borrower, defaulted on a significant loan worth more than $650 million and forced the digital asset lender to halt all customer deposits, withdrawals and shops.

Bankman-Fried originally proposed a bailout for Voyager in July, which many in the crypto community said would further damage Voyager’s customers.

The CEO responded by saying:

“We made an offer: if it was accepted, any buyer who wanted to could come and return his share of whatever was left, as soon as possible.

This would allow buyers – if they wish – to return the remaining assets immediately, without fees or additional haircuts.”

Voyager’s parent asset, VGX, is changing hands at $0.654 at the time of writing, up 4% on the day.

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Featured Image: Shutterstock/Shiao Risu

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