By
Steve Muchoki
April 19th, 2024
According to the filing in the court, the loans are supposed to be paid back to the firm by the end of September.
The popular equity group Alameda Research led by Sam Bankman-Fried has claimed to pay back around two hundred million dollars in loans to bankrupt cryptocurrency investor Voyager Digital.
When Voyager Digital requested the federal bankruptcy court in New York to initiate an “unwind” of a loan made to a popular crypto company, Alameda agreed to return the loan in exchange for the collateral. The loan was initially paid to Alameda Research in crypto denominations only.
Alameda plans to reimburse Voyager with 6553 Bitcoins (worth $128 million) and 51,204 Ethers (approximately $70 million) in principal and loan fees. A small proportion of a few other assets will also be sent back to the bankrupt company. According to the filing in the court, the loans are supposed to be paid back to the firm by the end of September.
If one doesn’t anticipate any hiccups in the process, Voyager might be able to transfer tokens that were originally authorized as collateral for the loans. This included FTX‘s digital currency FTT (approximately $ 112 million) and 63,750,000 in SRM (about $49 million), which is the utility token of decentralized exchange Serum.
The news follows as Voyager is seen auctioning several of its assets since filing for Chapter 11 bankruptcy in NY in June. Bidders in the auction are not yet disclosed, however, FTX and Alameda had revealed an offer of liquidity to Voyager creditors a couple of months ago. This eventually led to heightened skepticism in the public as many believed that the company was spreading counterfeit and wrongful information. Another firm led by Sam Bankman- Fried, called FTX, has been associated with several possible bailouts after a series of descents in the crypto lending industry.
FTX also paid back another bankrupt company BlockFi about a $250 million credit facility following the investor’s closing of operations and eventual withdrawal in June this year.
Alameda Ventures is also a stakeholder of Voyager Digital. Having said that, FTX is in the lead currently to buy out Voyager. In addition to this, the court filing requested both parties to continue maintaining confidentiality around the cryptocurrency wallet addresses.