Bobos & Wojaks

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The New York Bankruptcy Court Has Ordered Alameda to Repay a $200 Million Voyager Loan

According to the legal filing, Voyager had requested that Alameda repay the loan, which has now been granted by a New York bankruptcy court. It revealed that Alameda has been ordered to pay approximately 6,553 Bitcoin toward principal and accrued fees, as well as approximately 51,000 Ethereum, by September 30.

As a result, the filing indicated that Voyager would reciprocate by returning the loan collateral, which included 4.65 million FTT and 63.75 million SRM tokens.
Alameda had previously stated that it would be “happy to return the Voyager loan” in exchange for the collateral.

Alameda was founded by cryptocurrency billionaire Sam Bankman-Fried, who also founded and operates the cryptocurrency exchange FTX.

During Voyager’s bankruptcy proceedings this summer, the Bankman-Fried enterprises made an offer to buy its assets at market value, except for loans made to Three Arrows Capital.

Despite being bankrupt, Voyager rejected the proposal, calling it a “low-ball” offer. Meanwhile, on September 13, an auction for Voyager’s remaining holdings began.

FTX absorbed Alameda’s venture capital operations into its own venture capital fund last month. According to the fund’s CEO, the crypto exchange, venture arm, and Alameda all operate independently of one another.

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Although Bankman-Fried has also emphasized the independence of the second-largest cryptocurrency exchange in the world and the emerging market maker, the prominence each is gaining in their respective market roles is raising concerns about potential conflicts of interest.

Bloomberg Intelligence’s head of market structure research, Larry Tabb, believes that exchanges and market makers with close ties and financial interests are “not conducive to being a fair marketplace.” “When you consolidate and decompress divisions, you get inherent conflicts,” says Tabb.