Crypto Exchange Giants Binance and FTX in Bidding War Over Bankrupt Lender Voyager: Report

Two of the world’s main crypto exchanges have reportedly submitted their bids to amass the property of embattled crypto lender Voyager Digital.

Citing folks conversant in the matter, The Wall Road Journal reports that Binance is keen to pay about $50 million to take over Voyager’s properties, which is barely greater than what FTX bid for.

Voyager is auctioning the rest of its property as a part of a restructuring plan after it filed for chapter on account of the bear market. Its monetary woes worsened when crypto hedge fund Three Arrows Capital (3AC), one in all its largest debtors, defaulted on a $650 million mortgage.

As Voyager undergoes chapter processes, FTX laid down a proposal in July that may give Voyager clients an choice to money out early with out ready for the conclusion of the proceedings. 

The alternate’s CEO, Sam Bankman-Fried, says his agency’s proposal affords a greater choice for Voyager to cope with insolvency.

“The purpose of our joint proposal is to assist set up a greater strategy to resolve an bancrupt crypto enterprise – a means that permits clients to acquire early liquidity and reclaim a portion of their property with out forcing them to invest on chapter outcomes and take one-sided dangers.”

Voyager in the end refused FTX’s buyout supply, saying that the proposal was a “low-ball” bid that didn’t supply the most effective worth for patrons. 

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