Thursday, March 28, 2024

Alameda Research ‘happy to return’ $200M loan to Voyager Digital

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Quantitative buying and selling firm Alameda Analysis will return an estimate of $200 million to Voyager Digital, which is continuing by means of chapter. Alameda borrowed the funds in cryptocurrencies in September 2021. At the moment, the sum was near $380 million. 

Per a latest submitting within the Chapter Courtroom of Southern District of New York, the events have reached an settlement, and Alameda will return round 6,553 Bitcoin (BTC) and 51,000 Ether (ETH) by Sept. 30. In its company Twitter account Alameda confirmed its readiness to return the funds:

In its flip, Voyager must return the collateral within the type of 4.65 million FTX Tokens (FTT) and 63.75 million Serum (SRM), which quantities to $160 million by press time. The corporate has been present process Chapter 11 bankruptcy procedures since July and began to auction off its assets in September with the intention to return a part of the funds to prospects. 

In the course of the chapter case, the court docket proceedings and monetary paperwork have shown a deep relationship between Voyager and Alameda. In June, when Voyager received in hassle, Alameda moved from a borrower to a lender and provided a $500 million bailout. Nevertheless, that led to a public conflict between the two sides with Voyager rejecting a buyout, claiming it might “hurt prospects.”

Associated: Alameda Research and FTX merge VC operations

Furthermore, Voyager’s monetary books indicate that it lent out $1.6 billion in crypto loans to an entity primarily based within the British Virgin Islands, the identical place the place Alameda is registered. On the similar time, Alameda was additionally the most important stakeholder in Voyager, with an 11.56% stake within the firm acquired by means of two investments for a mixed whole of $110 million. Earlier this 12 months, Alameda surrendered 4.5 million shares to keep away from reporting necessities, bringing its fairness all the way down to 9.49%.

Like a number of different crypto platforms and lending entities, together with Celsius, BlockFi and Hodlnaut, Voyager struggled to proceed its operations within the aftermath of the worldwide crypto market downfall within the early Summer season of 2022.