{"id":573680,"date":"2022-07-25T12:00:14","date_gmt":"2022-07-25T11:00:14","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=573680"},"modified":"2022-07-25T12:00:21","modified_gmt":"2022-07-25T11:00:21","slug":"voyager-digital-proposal-benefits-ftx","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/voyager-digital-proposal-benefits-ftx\/","title":{"rendered":"Voyager Digital Lawyers: FTX 100% Early Liquidity Proposal Benefits Only FTX, Not Customers"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>Voyager Digital lawyers submitted a court filing in response to a proposal from FTX supposedly geared toward making customers whole.<\/li><li>FTX offered early liquidity to Voyager customers as the crypto platform is faced with bankruptcy.<\/li><li>CEO of the crypto exchange Sam Bankman-Fried expanded on the offer via a Twitter thread and stressed how the proposal gives customers access to 100% of Voyager&#8217;s remaining assets.<\/li><li>SBF also said the offer includes future claims on recovered digital assets and mitigates bankruptcy bureaucracy.<\/li><li>Lawyers tagged SBF&#8217;s proposal as a &#8220;low-ball bid dressed up as a white knight rescue&#8221;.<\/li><li>Legal advisors also argued that the offer suggests liquidation and is not in the interest of Voyager customers.<\/li><li>SBF-backed quantitative firm Alameda Research previously approved Voyager for a revolving credit line.<\/li><\/ul>\n\n\n\n<p>Voyager Digital lawyers are skeptical about a proposal made by crypto exchange FTX and quantitative trading outfit Alameda Research geared towards providing early liquidity access to Voyager users as the platform battles <a href=\"https:\/\/en.ethereumworldnews.com\/voyager-digital-files-for-bankruptcy\/\">bankruptcy<\/a>.<\/p>\n\n\n\n<p>According to a recent court <a href=\"https:\/\/cases.stretto.com\/public\/x193\/11753\/PLEADINGS\/1175307242280000000014.pdf\" rel=\"nofollow noopener\">filing<\/a>, legal advisors believe that the offer from Sam Bankman-Fried\u2019s firms is not in the best interest of Voyager customers who find themselves locked out of their digital assets.<\/p>\n\n\n\n<p>Voyager lawyers from legal advisory outfit Kirkland &amp; Ellis LLP dubbed the proposal as a \u201clow-ball bid dressed up as a white knight rescue\u201d. Also, the legal advisors said in the filing that AlamedaFTX published false and misleading information by going public with its proposal.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Voyager reserves all rights and remedies against AlamedaFTX for its clear and intentional subversion of the bankruptcy process.<\/p><\/blockquote>\n\n\n\n<p>The filing further argued that SBF\u2019s proposal positions FTX as a liquidator and overwrites the value of assets that the exchange and its sister firm Alameda do not consider important.<\/p>\n\n\n\n<p>FTX CEO Sam Bankman-Fried has since shared his thoughts in response to the claims made by Voyager Digital lawyers. In a Twitter thread on Monday, SBF argued that the offer mitigates the long process users could experience due to Voyager\u2019s bankruptcy filing.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">7) And meanwhile, Voyager&#39;s consultants would be slowly draining the remaining funds by charging fees every month the bankruptcy process dragged on.<br><br>This didn&#39;t seem right to us.  Customers already lost assets; we didn&#39;t want them to lose more.<\/p>&mdash; SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1551364663761256449?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>SBF also stressed the proposal for early liquidity access serves to ensure that customers have 100% control over Voyager\u2019s remaining assets as well as claims on any assets recovered in the future.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">9) It would let customers&#8211;if they chose&#8211;get the remaining assets back right away, with no fees or additional haircut.<\/p>&mdash; SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1551364666521112576?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">July 25, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2>Voyager Digital Agreed Revolving Credit Line With SBF-Backed Alameda Research<\/h2>\n\n\n\n<p>Not long ago, Voyager Digital received a key lifeline from SBF\u2019s Alameda Research. EthereumWorldNews reported that Alameda <a href=\"https:\/\/en.ethereumworldnews.com\/voyager-digital-3ac-exposure\/\">approved<\/a> the crypto broker for a revolving credit line with $200 million in cash and USDC. Some 15,000 Bitcoins were included in the loan as well.<\/p>\n\n\n\n<p>As of June 27, Voyager had <a href=\"https:\/\/en.ethereumworldnews.com\/voyager-digital-3ac-default-notice\/\">deployed<\/a> around $75 million from the credit line in a bid to match liquidity demands and keep operations afloat.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Voyager Digital lawyers submitted a court filing in response to a proposal from FTX supposedly geared toward making customers whole. FTX offered early liquidity to Voyager customers as the crypto platform is faced with bankruptcy. CEO of the crypto exchange Sam Bankman-Fried expanded on the offer via a Twitter thread and stressed how the proposal gives customers access to 100% of Voyager&#8217;s remaining assets. SBF also said the offer includes future claims on recovered digital assets and mitigates bankruptcy [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":573687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[947,2],"tags":[7704,108361,108588],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573680"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573680"}],"version-history":[{"count":1,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573680\/revisions"}],"predecessor-version":[{"id":573683,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573680\/revisions\/573683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/573687"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}