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Voyager Digital Rejects Alameda’s Proposal Claiming It Will Affect Its Clients Negatively

26 July 2022
in Latest News, News
Reading Time: 3 mins read
117 6
Home News Latest News

Voyager Digital, the embattled centralized crypto lender, has published a notice stating that it is rejecting the proposal made by FTX and Alameda Ventures to purchase its digital assets. It claims that accepting the offer will harm clients as FTX and Alameda Ventures have added clauses that will not maximize the value of their client’s digital assets. 

The centralized crypto lender filed a rejection letter to the proposal offer made by FTX, Alameda, and FTX US, citing six reasons for their decision. They believe the proposal was initiated to reduce “bidding and undermine efforts to maximize the value inherent in a competitive process.” 

Voyager Digital issued a rejection notice in response to the press release issued earlier by FTX and Alameda. 

The former believes the proposal was made to boost the publicity of the companies making the offer. 

“Voyager will entertain any serious proposal made pursuant to the Bidding Procedures described in its motion. It seems clear, however, that AlamedaFTX’s proposal, which was made in contravention of the proposed Bidding Procedures, was designed to generate publicity for itself rather than value for Voyager’s customers. ”  

The notice also disclosed that FTX’s proposal was not beneficial to Voyager Digital’s clients. “AlamedaFTX essentially proposes a liquidation where FTX serves the role of liquidator. The “fair value” of Voyager’s cryptocurrency assets and loans is subject to negotiation with AlamedaFTX.”  

The proposal requires converting customer cryptocurrency claims into U.S. dollars based on prices as of July 5, 2022, and paying cryptocurrency claims in U.S. dollars, with customers bearing the tax consequences associated with dollarizing and liquidating their claims. 

Voyager Digital noted that FTX’s proposal would force every user of the former to create an account with the latter if they want to access their funds. 

“Proposal burdens Voyager (and customers) with both migration and wind-down expenses, while requiring customers to set up an account on the FTX platform.”  

According to a tweet by @unusual_whales in which FTX’s CEO was quoted,  

“FTX is offering Voyager Digital crypto customers a means of liquidity. Customers would be able to withdraw their cash immediately or use it to purchase digital assets on the FTX platform. ”  

A tweet by a reporter at the Financial Times highlighted the “strong language” used by Voyager Digital in turning down the proposal.  

“Some strong language in Voyager’s rejection of @SBF_FTX’s bid to buy its assets out of bankruptcy. Voyager says SBF’s announcement of the offer was “laden with misleading or outright false claims.”

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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