Celsius, Voyager Reveals Exposure to FTX – Coinphony [SV]

Important Takeaway

  • Celsius said today that it has $1.3 million unlocked with FTX and $13 million in loans to Almeda Research.
  • Voyager also said it had $3 million with FTX but canceled its Alameda loan earlier.
  • Voyager will also resell the assets that FTX has successfully bid on during its bankruptcy process.

Two of the biggest crypto bankruptcies of the summer – Celsius and Voyager – revealed exposure to FTX, which could significantly restructure bankruptcy proceedings.

Celsius has $1.3 million unlocked, $13 million in loans

Percent reported exposure to FTX today.

company chirp On November 11, it had 3.5 million Saudi riyals ($1.3 million) locked in FTX contracts. It also said it had $13 million in unsecured loans to Alameda Research, backed by the FTT token.

Celsius added that she was “closely monitoring” events and said she was still in contact with stakeholders. “Our work to maximize stakeholder value continues as our sole focus,” she wrote in her statement.

Relationships between the two companies are deepening: FTX considered buying Celsius after the company froze withdrawals in June but canceled that deal after seeing Celsius’ financial details. Ironically, FTX suffered the same fate this week as Binance reversed its own plans to bail out FTX upon seeing the scale of the exchange’s losses.

FTX has also considered bids for Celsius assets that were put up for auction last fall. This auction has been postponed until December, and no winner has been determined.

Voyager Offers $3 Million

Meanwhile, Voyager announced that its bankruptcy had been affected by recent events. Voyager declared bankruptcy last July, and auctioned $1.4 billion in assets over the following months.

FTX won that bid in September but did not complete the deal before it collapsed this week. Voyager said that FTX US only made a “good faith” deposit of $5 million and that FTX did not transfer the auctioned assets.

Voyager confirmed that the previous asset purchase agreement between the two companies was “no longer binding.” As such, it will have to reopen the auction: The company said it is “evaluating strategic options as a result of Chapter 11 filing by FTX Group” and is in discussions with alternative bidders.

Voyager also said it has called up loans worth 6,500 BTC ($110 million) and 50,000 ETH ($845 million) from Alameda Research, which was announced in September. Voyager said it has no outstanding loans with any borrowers at this time.

However, Voyager says it still has $3 million in cryptocurrency — in Terra (LUNA) and Serum (SRM) — locked in contracts with FTX. This means that Voyager still has some exposure to the failing company.

Industry exposure is still unclear

Other companies, including Circle, Tether and Coinbase, have denied exposure to FTX. Animoca Brands, Bitvo and Silvergate have all reported minimal exposure.

Most importantly, Genesis Trading has he said that It has $175 million unlocked with FTX but it won’t affect its market making activities. Meanwhile, BlockFi has suspended user activity and disclosed a $400 million loan from FTX US.

Disclosure: At the time of writing, the author of this article owns BTC, ETH, and other digital assets.

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