FTX’s Bid Wins Voyager Digitals Assets
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An editor at Coincrop
27 Sept 2022 | 2 min read
ccording to a Voyager press release late Monday Eastern time, FTX US's bid is valued at approximately $1.4 billion.
On Monday night, Voyager Digital announced in a press release that exchange giant FTX had won the bidding war to buy its assets. Wave Financial, a digital-asset investment firm, was also vying for the company's assets.
In July, Crypto lender Voyager Digital filed for bankruptcy. Owing to increased public scrutiny of the Canadian-listed firm's business practices - particularly how it marketed that investors' deposits were protected by Federal Deposit Insurance Corporation (FDIC) insurance - this did not come as a surprise to industry observers.
FDIC insurance would protect bank-held cash deposits up to $250,000, but it wouldn't cover stablecoins that have been converted. Voyager's loan book accounted for over half of the firm's total assets and about 60% of that loan book was composed of loans to Three Arrows, which filed for Chapter 15 bankruptcy in July.
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