According to a report released by the Wall Street Journal (WSJ), Binance has overtaken FTX in a bid to buy out Voyager Digital, having spent so long at the forefront of the discussion. Voyager seems to be getting more offers for its assets from significant players in the crypto space, though its industry leaders FTX and Binance sit ahead of the rest.
Voyager has been undergoing Chapter 11 bankruptcy procedures since July. The company started an auction in September to sell off its assets to return part of the funds to its customers.
The History Of The Voyager Takeover
The anonymous sources published in the WSJ claim that Binance is leading the bid with around $50 million, which has hurdled the FTX bid that is said to be slightly lower. FTX has been a name hovering around the topic of the Voyager takeover since things went awry back in September.
After missing the August take to begin the bidding process, things started on September 13, 2022, in New York. As it stands, Voyager continues to hold out, despite significant bids from Binance and FTX, with the results of the auction to be announced on September 29.
We have to go back to July 22, when FTX, jointly with Alameda Research, offered to purchase all of Voyager’s assets and digital asset loans, apart from the lender’s loan, for now, bankrupt Three Arrows Capital (3AC).
FTX’s CEO, Sam Bankman-Fried, had hoped the acquisition would allow Voyager customers to receive early liquidity and reclaim some of their lost assets. However, Voyager responded publicly that what was tabled was a “lowball” offer, and they received “higher and better” from other bidders. The company also claimed that the FTX offer in conjunction with Alameda violated bidding procedures and would affect the lender’s customers and benefit FTX and Alameda, customers.
Months later, things haven’t improved for Voyager, who still seems to be deciding which buyer offers the best deal. The lack of urgency from Voyager to sign off on an agreement has brought about criticism from Bankman-Fried, who claims the firm is bleeding customers of their funds with consulting fees.
Alameda Agree To Return $200m Loan
A recent report from CryptoPotato states that Alameda agreed to repay $200 worth of loaned crypto from Voyager; the figures are said to be 6,553 Bitcoin (BTC) and 51,000 Ether (ETH) by September 30. The repayment would see $160 million returned to Alameda as collateral, comprised of 4.65 million FTX Tokens (FTT) and 63.75 million Serum (SRM).
Voyager is under pressure to strike a deal, much like other crypto platforms and lending companies such as Celsius, BlockFi, and Hodlnaut, having struggled to continue to operate in the wake of the persisting crypto winter.