FTX is suing Voyager Digital to bring back $446 million in 2022 loans

NEW YORK, Jan 30 (Reuters) – Bankrupt crypto exchange FTX sued crypto lender Voyager Digital on Monday, seeking to recover $445.8 million in repayments of loans FTX made before its collapse. down to bankruptcy in November 2022.

FTX and Voyager both filed for bankruptcy in mid-2022 skin in cryptocurrency markets, but Voyager’s loss preceded FTX’s filing by four months.

After Voyager filed in July, it was required to repay all outstanding loans to FTX and its subsidiary Alameda Research.

FTX said in a court filing that, on behalf of Alameda, it paid Voyager $248.8 million in September and $193.9 million in October. FTX also made a $3.2 million interest payment in August, according to its court filings.

Because those loans were made close to FTX’s bankruptcy filing, they are eligible for withdrawal and can be used to repay FTX’s other creditors, according to FTX’s lawsuit. .

FTX, one of the world’s top crypto exchanges, shook up the group in November by filing for bankruptcy, leaving around 9 million traders and other investors stranded. facing losses in the billions of dollars.

Founder Sam Bankman-Fried has been indicted on fraud charges, and several top executives, including Alameda County Prosecutor Caroline Ellison, have pleaded guilty to fraud. Bankman-Fried has pleaded not guilty and is scheduled to go to trial in October.

FTX first appeared to fight the storm that destroyed Voyager and other crypto companies in the summer of 2022, revealing itself as a “white soldier“crypto market volatility can be stabilized. FTX offered to buy Voyager’s platform in a bankruptcy auction, but the deal fell apart when FTX crashed in November.

In its court filing Monday, FTX alleges that Alameda raided the assets of FTX customers to secure its loans. and risky loans. But it said Voyager and other crypto lenders were complicit in Alameda’s behavior, “knowingly or recklessly” pushing their clients’ assets toward Alameda.

“Voyager’s business model is a feeder fund,” FTX said. “Investors were solicited and invested their money with little or no practice in investment funds such as Alameda and Three Arrows Capital.”

Three Capitals it was also broken in 2022, and they were founders refused to cooperate along with court-appointed administrators trying to recover assets for Three Arrows’ clients.

Report by Dietrich Knauth. Edited by Gerry Doyle

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