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Voyager rejects FTX's offer to buy back its assets

Voyager rejects FTX's offer to buy back its assets

Lawyers for the bankrupt company said its clients were disadvantaged by a bid received from a major stock exchange and its investment arm, Alameda.

According to the court filing, the company's lawyers named the reasons for the rejection as the potential damage to its customers. The deal proposed by FTX and Alameda implies that Alameda will get all of Voyager's assets and use the FTX or FTX US exchanges to sell and prorate them to users affected by the crypto lending platform bankruptcy.

The offer involves converting customers' cryptocurrency claims into U.S. dollars at the rate on July 5, 2022. At the same time, clients will face tax implications associated with the conversion of crypto assets to fiat currency.

The application also fails to consider the value of the Voyager platform itself and its intellectual property and doesn't factor in the VGX site's native token, which could result in a loss of about $100 million, lawyers said

Recall that in June, Voyager faced default on loan from its client, the Three Arrows Capital fund, and issued a 3AC notice of default for failing to make required payments on loans of 15,250 BTC and $350 million.

On July 1, the Voyager platform announced a temporary suspension of trading, deposits, and withdrawals, and on July 5, the company filed for "Chapter 11" bankruptcy in New York court, which involves reorganizing the firm while allowing it to retain control of its business operations under judicial oversight.

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