Embattled crypto lender, Voyager Digital is set to receive $200 million from Alameda Research as a repayment for it’s loans. According to a court filing on Monday, Alemeda will repay 6,552 BTC which is about $126 million and 51,2014 ETH also about $70 million in principal and loan fees.
Meanwhile, Alameda is as well expected to pay some amount in other seven coin. As indicated by the filing, the loans will be due for repayment by September 30, 2022.
Furthermore, if things go according to plan, Almeda will then receive some tokens back from Voyager as a refund of its collateral. The expected funds are 4,650,000 FTT which is about $112 million, and 63,750,000 SRM, which is also about $49 million.
This development emanated after Voyager put some of its assets for sale after filing for Chapter 11 bankruptcy in New York. Since June, when the firm auctioned its assets, Voyager has kept the bidders away from public attention. Though, keeping the bidders private is part of the process.
Strained relationship between Alameda and Voyager
The relationship between Alameda and Voyager has birthed controversies lately. Around July, FTX and Alameda made an offer of liquidity to Voyager creditors, then publicized it much to the disdain of Voyager. The action incurred harsh criticism for Voyager as the firm accused Bankman-Fried’s businesses of publicizing misleading information.
Despite the fracas, popular cryptocurrency exchange belonging to Bankman-Fried, FTX, has been somewhat of a savior to many struggling firms in the cryptocurrency space. The cryptocurrency exchange has offered help to numerous organizations that are battling crises due to the crypto winter.
Around June, FTX gave BlockFi a $250 credit assistance after the firm halted withdrawals on its platform. Currently, the firm is on the verge of acquiring the lending platform. Many expected a similar intervention to Voyager, but things are not going well between FTX, Alameda, and Voyager.
Notable side notes on the crypto lender struggles
Occasioned by the prevailing marketing condition, Voyager filed for Chapter 11 bankruptcy around June after the firm suspended withdrawals on its platform. The decision to halt withdrawal affected scores of its customers who turned to the court for assistance on how to retrieve their money from Voyager.
The move proved fruitful after a Judge cleared the firm to return $270 million in customer funds held at the Metropolitan Commercial Bank in New York. Consequently, Voyager allowed clients with U.S. dollars in their accounts to withdraw up to $100,000 in a 24-hour period on August 11, 2022.