FTX Crypto Exchange Plans Partial Bailout of Bankrupt Voyager's Customers

Alameda Ventures would purchase all of Voyager's digital assets and digital asset loans, except the loans to bankrupt crypto hedge fund Three Arrows Capital.

FTX Crypto Exchange Plans Partial Bailout of Bankrupt Voyager's Customers

Voyager filed for Chapter 11 bankruptcy earlier this month

Highlights
  • FTX planning to offer Voyager Digital's customers access to their funds
  • Alameda Ventures would purchase Voyager's digital assets
  • FTX expects to close the deal in early August
Advertisement

FTX said on Friday it was planning to offer Voyager Digital's customers access to some of their funds, the latest relief measure by the Sam Bankman-Fried-led cryptocurrency exchange for the ailing crypto industry.

Under the plan, Alameda Ventures, the trading firm also founded by Bankman-Fried, would purchase all of Voyager's digital assets and digital asset loans, except the loans to bankrupt crypto hedge fund Three Arrows Capital.

Voyager's customers could then receive some of those funds if they open an account with FTX. Such customers could either withdraw the cash balance immediately or use it to make purchases on FTX's platform, the company said.

FTX expects to close the deal in early August. Participation in the plan would be voluntary, the company added.

Voyager filed for Chapter 11 bankruptcy earlier this month. In June, the company had signed an agreement with Alameda Ventures for a revolving line of credit.

Bankman-Fried has become crypto's white knight in recent weeks, throwing lifelines to digital asset platforms that have stumbled in the crypto winter.

© Thomson Reuters 2022


Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

The Lord of the Rings: The Rings of Power New Trailer Revealed at San Diego Comic-Con
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »