Alameda Research Files $446M Loan Repayment Lawsuit against Voyager Digital in Ongoing FTX Fallout

Beleaguered crypto buying and selling agency Alameda not too long ago filed a lawsuit in opposition to defunct crypto dealer Voyager over repaid loans. 

Defunct crypto buying and selling agency and FTX sister Alameda Analysis has hit bankrupt crypto dealer Voyager Digital with a $446 million lawsuit. Because it stands, Alameda seeks to get better the mammoth sum in repaid loans to the troubled digital asset supervisor.

Alameda filed the lawsuit regarding loans in opposition to Voyager this month on the US Chapter Court docket for the District of Delaware. In response to the FTX sister agency, Voyager made these loans earlier than its chapter in July final yr. Moreover, Voyager demanded compensation of all excellent loans to Alameda, which the crypto buying and selling agency claims it totally repaid. In Alameda’s courtroom submitting, it totally repaid the excellent loans earlier than submitting for insolvency alongside FTX.

The submitting learn partially:

“The collapse of Alameda and its associates amid allegations that Alameda was secretly borrowing billions of FTX-exchange belongings is extensively identified.”

As well as, the courtroom doc additionally learn:

“Largely misplaced within the (justified) consideration paid to the alleged misconduct of Alameda and its now-indicted former management has been the function performed by Voyager and different cryptocurrency ‘lenders’ who funded Alameda and fuelled that alleged misconduct, both knowingly or recklessly.”

Alameda’s courtroom submitting additionally referred to Voyager Digital’s enterprise mannequin as a “feeder fund.”

In response to the courtroom doc, the crypto lending platform solicited retail traders and invested their cash with out due diligence in crypto funds. These crypto funding funds embrace Alameda and defunct crypto hedge supervisor Three Arrows Capital (3AC). “To that finish, Voyager lent Alameda a whole bunch of hundreds of thousands of {dollars}’ value of cryptocurrency in 2021 and 2022,” the submitting concludes.

Alameda Particulars Fee Paper Path in Voyager Lawsuit

Alameda detailed its fee scheme to Voyager within the doc. The buying and selling agency paid roughly $249 million in September and roughly $194 million in October. Moreover, Alameda remitted a $3.2 million curiosity fee in August to Voyager Digital.

FTX attorneys, who filed the lawsuit on behalf of Alameda, assert that the beforehand paid funds are recoverable. As well as, the authorized group additionally stated that these ‘recoverable’ funds may very well be used to repay FTX’s personal collectors.

FTX’s US arm, FTX.US, as soon as deliberate to amass Voyager Digital after successful the $1.46 billion purchase bid in September. Nonetheless, the alternate’s American division’s intentions by no means got here to fruition, as FTX would immediately collapse the next month.

A day earlier than FTX filed for chapter final November, studies emerged that the sunken alternate lent buyer funds to help Alameda. Moreover, when FTX thought-about a rescue buyout deal for Voyager, Alameda was one of many crypto dealer’s shareholders. However, Alameda’s lawsuit in opposition to Voyager comes after the embattled crypto brokerage platform secured an initial court approval to dump some belongings to Binance.US. According to reports, Voyager’s take care of the American arm of Binance is value roughly $1 billion. Moreover, studies additionally state that Voyager customers may get roughly half their belongings again pursuant to the deal. Nonetheless, the deal continues to be topic to a different courtroom listening to to change into remaining.

Blockchain News, Cryptocurrency news, News

Tolu Ajiboye

Tolu is a cryptocurrency and blockchain fanatic primarily based in Lagos. He likes to demystify crypto tales to the naked fundamentals in order that anybody wherever can perceive with out an excessive amount of background information.
When he isn’t neck-deep in crypto tales, Tolu enjoys music, likes to sing and is an avid film lover.

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