Sam Bankman-Fried intends to exploit Voyager Digital’s problems to expand his empire. In fact, FTX and Alameda Ventures are offering to buy back the bankrupt cryptocurrency exchange’s assets so troubled customers can regain access to their frozen funds faster.
Redeem Voyager Digital and then return frozen funds via FTX
With cryptocurrency exchange Voyager Digital currently bankrupt, FTX and Alameda Ventures are making a proposal. The aim is to help customers whose funds are frozen by buying back the platform’s assets to allow immediate release.
Alameda will repurchase these assets for Voyager customers to redeem by opening an account at FTX. These customers will then benefit from a monthly fee offered on the platform.
In a press release released overnight, Alameda (the investment fund that owns cryptocurrency exchange FTX) announced its intention to offer a compensation plan to former Voyager Digital customers. The program will allow victims of the Voyager Digital bankruptcy to quickly recover their cash on a voluntary basis, if necessary, by creating an account on the FTX platform.
“Voyager customers have not chosen to be bankrupt investors with unsecured debt. The goal of our joint proposal is to help establish a better way to resolve a crypto company’s insolvency in a way that allows customers to quickly get cash and recover some of their assets without forcing them to speculate on the outcomes of the bankruptcy and take unilateral risks. »
FTX and Alameda will also purchase the Voyager Digital name and various intellectual properties. Additionally, if a deal is reached, the $75 million in debt already owed to Alameda would be eliminated.
On the other hand, the Voyager team won’t be able to consider the proposal forever. They have the deadline of Tuesday 26 July to make a decision. The final terms of the agreement must also be finalized for application no later than Saturday 30 July.
SBF’s empire is visibly expanding during this bear market
It is a cool strategy for SBF, but also part of its acquisition plan. Crises like these actually allow players who can manage their finances to stand out and come out as strong as possible.
Through his various companies, Sam Bankman-Fried (SBF), founder of FTX and Alameda Research, is placing his pieces on the grand chessboard of cryptocurrencies. If Voyager accepts this offer, FTX will benefit from an additional customer base.
Following the recent announcement of ongoing talks to acquire South Korean exchange Bithumb and save BlockFi, FTX continues to assert itself as a savior for crypto businesses, but also for users in the crypto community.
Not too long ago, Bankman-Fried falsely nonchalantly claimed he had “billions” to spare to “help struggling crypto companies.” Thus, after saving BlockFi from failure, the young head of FTX would now be in “advanced discussions” with the South Korean platform Bithumb.
At least that’s what distills the revelations from sources close to the file, reported by the well-informed Bloomberg. According to the same source, the negotiations started a few months ago.
Along with Upbit and Coinone, Bithumb is one of the leading centralized cryptocurrency exchanges in South Korea. It was created in 2014 and currently lists 188 cryptocurrencies. As of November 2021, Bithumb had over $3 billion in daily trading volume, that figure has now dropped to around $558 million, according to CoinGecko.