FTX is shelling out $51 million in dollars for Voyager property, courtroom records show

FTX is shelling out  million in dollars for Voyager property, courtroom records show


Sam Bankman-Fried, founder and main executive officer of FTX Cryptocurrency Derivatives Trade, speaks for the duration of an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.

Jeenah Moon | Bloomberg | Getty Pictures

FTX wins Voyager Digital auction bid for $1.4 billion

Sam Bankman-Fried, FTX’s founder, has pursued an aggressive purchasing spree throughout the crypto field, snapping up deeply discounted property in the wake of defaults, bankruptcies, and sector tumult.

In the Voyager offer, FTX’s thing to consider for non-crypto belongings — the end users, intellectual residence, and structure of Voyager itself — constitutes a overall of “at minimum $111 million,” filings present. Just $51 million of that is for Voyager’s assets, intellectual home, and person base. The remaining $60 million is composed of an gathered $50 account credit for each Voyager person who successfully onboards with FTX and a $20 million “generate out” allowance.

Bitcoin reclaims $20,000, FTX CEO denies bid for Huobi, and why NFT trading crashed: CNBC Crypto World

It was not immediately apparent, dependent on filings, who would profit from an earnout, which is usually applied in acquisitions as a way to incentivize founders and management groups of the corporation currently being ordered.

Voyager’s most latest bankruptcy report indicated that the enterprise held just shy of $900 million in crypto belongings for prospects, with a further $456.44 million loaned out and $173.68 million held as collateral from borrowers. 

Voyager buyers who selected to migrate to FTX’s system would receive a professional rata distribution of Voyager assets, centered on their part of Voyager’s total holdings.

Voyager’s difficulties emerged right after the firm prolonged a personal loan valued at $670 million to crypto hedge fund 3 Arrows Cash (3AC) in early 2022. When 3AC defaulted on its personal loan obligations in late June, it unleashed a fiscal cascade that pushed Voyager into bankruptcy and 3AC’s founders into hiding. 

FTX’s bid, if authorised by lenders, would transfer Voyager’s financial loan balances — excluding the 3AC loan, which was not portion of the deal — to FTX and, by extension, to Bankman-Fried. The $51 million rate tag for Voyager and its associated statements would characterize a steep lower price, specified FTX’s assumption of purchaser assets and personal loan balances.

Check out: Voyager Digital documents for bankruptcy amid crypto lender solvency crisis

Voyager Digital files for bankruptcy amid crypto lender solvency crisis



Supply

Tesla FSD turns off more U.S. consumers than its attracts, survey finds
Technology

Tesla FSD turns off more U.S. consumers than its attracts, survey finds

Elon Musk reacts during a press event with U.S. President Donald Trump (not pictured), at the White House in Washington, D.C., U.S., May 30, 2025. Nathan Howard | Reuters Elon Musk’s fervent promotion of Tesla‘s self-driving technology isn’t doing much to win over prospective buyers. According to a new survey, more U.S. consumers say that […]

Read More
Dell shares fall on soft third-quarter earnings outlook
Technology

Dell shares fall on soft third-quarter earnings outlook

A Dell Technologies sign is seen in Round Rock, Texas, on June 2, 2023. Brandon Bell | Getty Images Despite beating on its top and bottom lines, shares of Dell Technologies fell more than 5% Thursday in extended trading after giving third-quarter earnings per share guidance that below Wall Street’s expectations. Here’s how the systems […]

Read More
Nvidia’s top two mystery customers made up 39% of the chipmaker’s Q2 revenue
Technology

Nvidia’s top two mystery customers made up 39% of the chipmaker’s Q2 revenue

Two Nvidia customers made up 39% of Nvidia’s revenue in its July quarter, the company revealed in a financial filing on Wednesday, raising concerns about the concentration of the chipmakers clientele. “Customer A” made up 23% of total revenue, and “Customer B” comprised 16% of total revenue, according to the company’s second-quarter filing with the […]

Read More