- Voyager Digital is set to keep over $445 million in dispute loans until a bankruptcy court issues a settlement.
- The interim agreement was reached after FTX lawyers launched a lawsuit against the crypto lender on behalf of sister firm Alameda Research.
- Alamada/FTX attorneys hoped to claw back millions in loans repaid to Voyager before the crypto exchange declared bankruptcy in 2022.
Bankrupt crypto entities FTX and Voyager Digital agreed on a temporary settlement concerning $445.8 million in disputed loans involving FTX’s sister firm, Alameda Research.
In late January, FTX attorneys filed a lawsuit against the bankruptcy crypto lender. The lawyers of the beleaguered crypto exchange sought to reclaim millions in repaid loans from Voyager. FTX representatives argued that Alameda Research repaid $249 million and $194 million prior to filing for Chapter 11 bankruptcy protection in November 2022.
As previously reported, lawyers for the sunken crypto exchange filed claims that the repaid loans qualified as recoverable assets. The filing also asked the Delaware bankruptcy court to approve a clawback on the funds and allocate the assets to creditors.
Court filings from February 22 now show that FTX and Voyager agreed on an interim settlement pending a court order on the issue. Per the agreement, Voyager will retain control of $445.8 million in repaid loans from Alameda until a New York Bankruptcy Court issues a final and unappealable order on the matter.
Also, the crypto lender will keep another FTX deposit worth $5 million until the court decides otherwise.
Voyager’s Creditors Back Binance.US Deal, Regulators Remain Skeptical
Court filings also showed that around 97% of Voyager’s creditors have voted in favor of a deal to sell assets to Binance.US, the American division of crypto’s largest trading venue. However, the deal could meet roadblocks as federal and state regulators push back against the move.
Indeed, the U.S. Securities and Exchange Commission and New York’s Department of Financial Services both filed motions against the acquisition. Previously, the SEC argued that Binance.US did not boast the financial might to complete the agreement worth $1.02 billion.
The NYDFS also alleged that Voyager operated in New York without a license, claiming that the troubled crypto lender may still be running an illegal virtual currency business in the state.