December 8, 2022


Two of the world’s leading cryptocurrency exchanges have reportedly submitted their bids for the assets of embattled crypto lender Voyager Digital.

Quoted from people familiar with the matter, The Wall Street Journal Reports That Binance is willing to pay around $50 million for the acquisition of Voyager’s holdings, which is slightly higher than what FTX has offered.

Voyager is auctioning off the remainder of its assets as part of a restructuring plan After being introduced to bankruptcy As a result of a bear market. Its financial problems were compounded when crypto hedge fund Three Arrows Capital (3AC), one of the largest borrowers, defaulted on a $650 million loan.

As Voyager is undergoing bankruptcy, FTX has identified a suggestion In July, it would give Voyager customers the option to withdraw funds early without waiting for the procedures to finish.

Sam Bankman-Fried, chief executive of the exchange, says his company’s proposal offers a better option for Voyager to deal with bankruptcy.

“The goal of our joint proposal is to help create a better way to solve insolvent crypto businesses — a way that allows clients to obtain early liquidity and recover a portion of their assets without forcing them to speculate on the outcome of bankruptcy and take unilateral risks.”

Voyager at the end to reject FTX’s takeover bid, saying that the bid was a “low-key” one that didn’t provide the best value to customers.

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