Crypto

Voyager Digital – FTX Offer Rejection “Disguised as Salvation” – CryptoActu

Crisis times are not necessarily bad for everyone. And those who have managed to keep liquidity under their elbows are taking advantage of the opportunity to make sales at bargain prices. Dynamics that allows small investors to make interesting trades, if, however, the corresponding cryptocurrency starts to rise again. But also some future giants of the sector to swallow a few players in difficulty to build the future of GAFAM Web3. A role played by Sam Bankman-Freed of the FTX platform. But his recent plan to “save” Voyager Digital doesn’t seem to convince those concerned.

The founder of the FTX platform, Sam Bankman-Fried, is definitely not unanimous in the cryptocurrency sector. And cases in which his investment structures – led by Alameda – behave dubiously, pile up like a bad board. With techniques much more often aggressive than domestic. And a dynamic whose assessments, sometimes more speculated than proven, oscillate between market manipulation or (deliberately?) false accusations.

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However, with the start of the bear market and its disastrous consequences, Sam Bankman-Fried seems to want to wear a brand new lifeguard hat that needs to be shown off nonetheless. With the latest “rescuers” offer, Voyager Digital is officially declared bankrupt. But apparently this plan didn’t include canoes for everyone…

FTX + Alameda = “Salvation” by Voyager Digital

Since last May, the FTX platform has been officially looking for acquisition opportunities. This is within the new cyclical collapse of the cryptocurrency market, the source of many opportunities to receive a discount. The first target is BlockFi crypto lending platform. But the operation was quickly abandoned, as the risks were considered too high. This did not stop the Alameda structure from continuing its research to finally stumble upon Voyager Digital. Another such crypto platform is experiencing serious problems due to the domino effect caused by the collapse of the Terra ecosystem (LUNA).

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Discovery in origin of a recent “joint” offer issued by the structures of FTX Trading and Alameda Ventures. According to Sam Bankman-Fried, this should “help find the best way to save the insolvent cryptocurrency business.” The main goal is to allow Voyager Digital clients to quickly access sufficient liquidity to “recover some of their assets.” The operation seemed at first glance to be a rather positive salvation. But that was without taking into account Voyager Digital’s hard and final denial earlier in the week.

Voyager Digital – FTX “rescue” rejected

In essence, the joint offer by FTX and Alameda was to buy back—at a discount, of course—Voyager Digital’s digital assets. Excluding loans in case of default of the structure – also in bankruptcy – Three Arrows Capitac (3AC). This is done in order to resell them and distribute them proportionally among the users affected by the bankruptcy. All this is presented as a way for Voyager Digital users to recover at least some of their losses and leave the platform.

A procedure originally presented as saving a sinking ship. But reality looks very different. Because just 48 hours later yesterday, a letter of refusal was filed with the bankruptcy court. Because, on the other hand, Voyager Digital sees this as an ‘extremely extortionate’ deal that will actually hurt customers even more.” And in any case, to his inner plan of salvation, clearly presented as more solid. The opinion seems to be shared by the FatMan Twitter account, which specializes in analyzing the consequences of the collapse of the Terra ecosystem.

“You’ve all heard the terms ‘hero’, ‘rescue’ and ‘helper’ in relation to how FTX rescues businesses in trouble. Voyager, one of the aforementioned companies, disagrees — they see the SBF deal as extremely predatory and will actually hurt customers even more.”

Fat man, Twitter

Voyager Digital – liquidation in favor of FTX

Because in reality, this rescue offer is “nothing less than a cryptocurrency-based liquidation that benefits AlamedaFTX,” according to lawyers at Voyager Digital. Nothing to do with any consideration of the interests of their clients, which would only seriously hurt. Because, as Voyager Digital explains in its letter, “going public with these offers could jeopardize any other potential transaction, undermining the coordinated, confidential and competitive bidding process.” At the same time, he specified that the AlamedaFTX structure violated many obligations to debtors and the bankruptcy court. Nothing too surprising…

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And yet, according to lawyers for Voyager Digital, FTX’s proposal could harm its customers in several ways. For example, in the context of the tax implications of capital gains. As well as an unfair per-user account cost cap on July 5th. And finally, the effective liquidation of the VGX token, which will “immediately destroy over $100 million.” So many points that seem to classify Sam Bankman-Freed’s offering for those who surf in a hurry to get through the ultimately disadvantageous conditions. But obviously it won’t…

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