Voyager Digital re-opens bidding for bankrupt exchange's assets
Another round of bidding has begun for the assets of bankrupt crypto firm Voyager Digital after the collapse of would-be buyer FTX.
Why it matters: With FTX no longer available to play white knight, Voyager and creditors have to go back to the well and seek a new buyer.
Flashback: FTX won the initial auction in September, pledging $51 million in cash plus an additional $60 million in earnouts and incentives.
- Crypto exchanges Binance and CrossTower were also reported to be in the mix for the Voyager assets during that process.
State of play: With FTX announcing its own bankruptcy proceedings, Voyager and its creditors said the no-shop provisions of the purchase agreement are no longer binding, and they are "evaluating strategic options."
- A CrossTower spokesperson confirmed that it intends to submit a revised bid, but no further details are available.
- Meanwhile, Binance has yet to say whether it plans to be a part of the new process.
Of note: As part of its statement, Voyager said it did not transfer any assets to FTX US, but that the proposed acquirer had previously submitted a $5 million "good faith" deposit, which is held in escrow.
- Voyager also said it successfully recalled loans from Alameda Research for 6,500 BTC and 50,000 ETH and had no outstanding loans with the firm.
- Voyager maintained a balance of about $3 million at FTX at the time of the latter's bankruptcy filing, which was comprised of locked LUNA2 and locked SRM that it was unable to withdraw.
What’s next: An omnibus hearing is scheduled to take place at 11:00 am ET Tuesday.