Binance, FTX Lead $50 Million Race to Buy Voyager Assets: Report

Cryptocurrency exchange Binance And the FTX He reportedly made the highest bid of nearly $50 million for each of the assets of bankrupt crypto-loan company Voyager Digital.

Binance’s current bid is slightly higher than that of FTX, according to a report on Tuesday The Wall Street Journal Quoting sources familiar with the matter.

The The Wall Street JournalThe sources said that none of the offer has been accepted yet.

Voyager, which filed for Chapter 11 bankruptcy in July this year with up to $10 billion in outstanding debt, began the process of selling its assets earlier this month.

The auction for the assets of the New York-based company began on September 13. The other bidders are said to be digital asset manager Wave Financial and trading platform CrossTower.

The winning bid is expected to be announced on September 29, although the announcement may come before that date.

Voyager and FTX

Voyager has become one of the biggest crypto companies that went bankrupt amid the market crash this year.

The company’s demise came shortly after one of its biggest debtors, Singapore-based crypto hedge fund Three Arrows Capital (3AC), filed for bankruptcy in July, leaving its users’ money at risk. 3AC owes Voyager more than $650 million Bitcoin and stablecoins USDC.

Another borrower was Alameda Research, a crypto trading company founded by crypto billionaire Sam Bankman-Fried, who also owns FTX.

Alameda owed the New York-based company about $377 million in cryptocurrency at the time of the bankruptcy filing. In June, just before Voyager filed for bankruptcy, Alameda extended two lines of credit to Voyager — one for $200 million in cash and the other for 15,000 Bitcoin.

When Voyager filed for bankruptcy, Alameda was its largest creditor, with an unsecured loan of $75 million.

Earlier this week, Alameda agreed to return $200 million worth of Bitcoin and Ethereum in exchange for $160 million in collateral held by Voyager.

Shortly after Voyager went bankrupt, FTX announced plans to acquire a troubled crypto lender; But Voyager rejected the proposed rescue deal, calling it a “low show dressed as a white knight.”

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