FTX makes a common offer to buy the assets from Voyager Digital

The Sam Bankman-Fried's cryptocurrency empire has made an offer to buy the digital assets from Voyager Digital, which had filed for bankruptcy at the beginning of this month and frozen the accounts of customers.

As part of his proposal, the subsidiaries from Bankman-Fried, FTX and Alameda Ventures, would give customers the opportunity to get liquidity for their voyager accounts through new accounts at FTX.

"In the context of this transaction, Voyager's customers would at least partially receive liquidity and the opportunity to lift this liquidity or freely reinvest this in digital assets of their choice," wrote the lawyers from FTX and Alameda in a letter to the Voyager consultants at Kirkland & Ellis and Moelis & Co.

Voyager said in court files that it had a total of $ 1.1 billion, including $ 654 million from the HedgeGree Arrows, which had gone bankrupt himself due to failed crypto betting, including those in connection with the collapse of the Terra/Luna stable coin. Since Voyager was increasingly no longer able to meet the payout requirements of the customers, it frozen all trade and withdrawal activities on his platform on July 1st.

The Voyager lawyers had informed the Federal Inclusion Court in New York that it would propose an independent reorganization and a parallel process to sell the company or its assets. On Friday, Voyager said that almost 40 potential buyers had signed confidentiality agreements to start the Due Diligence. It proposed a bidding period until August 26, with an auction that is carried out three days later.

According to the letter from his lawyer, Bankman-Fried tries to advance this process by requesting a first answer from Voyager by Tuesday, July 26th and signing a negotiated deal the following weekend.

ftx and Alameda said that the takeover of the crypto-assets and crypto-asset loans from Voyager, with the exception of the cash arrangements that are available from Three Arrows, would be acquired "in immediately available cash on the fair market value". The second step of the transaction would enable owners of Voyager accounts to get their part of the money in an FTX account where they could continue to invest in crypto.

"Customers are not obliged to register at FTX, and that would be completely voluntary.. Every customer who does not want to register with FTX would continue to keep all of his rights and claims in the bankruptcy proceedings, but would not receive early access to distribute his claim via FTX," says the letter.

Bankman-Fried, a 30-year-old multi-billionaire, is already an important player at Voyager. Alameda borrowed cryptocurrency worth $ 377 million from Voyager, the second largest loan after Three Arrows. Alameda also borrowed $ 75 million at the beginning of this year when it came into need. As part of his takeover proposal, Alameda said that it was ready to write off this loan. It also had almost a tenth of the practically worthless stocks from Voyager who are noted in Toronto.

"Even those customers who want a 'long' cryptocurrency should not be forced to keep unsecured claims in an insolvent company, at least if there is the possibility of receiving cash immediately," says the letter.