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

Amazon Ring security cameras moving deeper into law enforcement with Flock Safety, Axon deals
Technology

Amazon Ring security cameras moving deeper into law enforcement with Flock Safety, Axon deals

The FlockOS software in use within law enforcement, and where the Ring Community Requests will originate. Flock Safety Amazon’s Ring security cameras are moving deeper into law enforcement work in a new deal with Flock Safety that will allow citizens who own Ring cameras to share footage that can assist in crime investigations, making the […]

Read More
Spotify moves further into AI music with Sony, Universal, Warner partnership
Technology

Spotify moves further into AI music with Sony, Universal, Warner partnership

Thomas Fuller | Lightrocket | Getty Images Spotify announced Thursday that it will be partnering with Sony Music Group, Universal Music Group, Warner Music Group, as well as independent licensing agency Merlin and digital music company Believe, to create “responsible” artificial intelligence products. Although the company did not confirm any specific AI tools in development, […]

Read More
Uber will offer gig work like AI data labeling to drivers while not on the road
Technology

Uber will offer gig work like AI data labeling to drivers while not on the road

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during an unveiling event in New York, US, on Wednesday, May 14, 2025. Yuki Iwamura | Bloomberg | Getty Images Uber plans to offer drivers and couriers in the U.S. ways to make money through the company’s app when they’re not ferrying around people or […]

Read More