Binance is Preparing to Bid for Bankrupt Lender Voyager as FTX Drops Out

binance.uscrypto exchange binanceUS branch of, reportedly set to bid to acquire crypto lending firm voyager digitalLater ftx out of the picture.

Sailor announced Last week, after the drop in FTX, that

“Voyager has reopened the bidding process for the company and is in active discussions with alternative bidders.”

financial Times informed of While Binance.US prepares for a new auction ripple financial Another bid is also ready for the asset, it said, citing a person familiar with the matter.

cryptonews.com Binance.US has been contacted for comment.

Meanwhile, Voyager’s announcement further stated that the lender “did not transfer any assets to FTX US in connection with the previously proposed transaction” and that ftx.usAs part of the auction process, a “goodwill” deposit of $5 million was first submitted, which is held in escrow.

To this it was added that,

“Voyager Successfully Recovers Debt” Alameda Research For 6,500 BTC and 50,000 ETH. At this time, Voyager has no outstanding debt with any Borrower. At the time of FTX Group’s Chapter 11 filing, Voyager maintained a balance of approximately $3 million on FTX.

as informed of In June, the company’s exposure to troubled crypto funds three arrows capital BTC 15,250 and USDC 350m were involved, while they also entered into a multi-million credit line agreement almidaA quantitative trading firm and parent company of the FTX Exchange.

filed for seaman Chapter 11 bankruptcy In July, that enabled it to enter a voluntary restructuring process with the aim of “returning maximum value to customers”. This was followed by a bidding process in which both Binance and FTX participated.

In late September, FTX.US emerged As the highest bidder to purchase the assets of Voyager. The bid was valued at approximately $1.422 billion, and included the fair market value of all Voyager cryptocurrencies, which were estimated at approximately $1.311 billion at the time.

About a month later, in late October, and a few days before the FTX decline began, the exchange had secured US Bankruptcy Court approves taking over Voyager’s assets. Following this approval, Voyager Digital was to proceed with a customer vote on the comprehensive plan, the deadline for which was 29 November.

Notably, FTX’s bidding win came nearly three months after Voyager dismissed A joint proposal proposed by FTX and Alameda Research (also now bankrupt), Call This is a “low-ball bid” that may impede the firm’s bankruptcy process.

Now there will be bidding again.

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learn more:
, Binance and FTX Leading the Bid to Acquire Voyager’s Assets
, FTX.US Introducing Voyager Recovery Plan

, Binance and Bitget aim to help mitigate the FTX impact
, Cristiano Ronaldo Launches NFT Collection With Binance Crypto Exchange