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Voyager Digital will promote its belongings to cryptocurrency trade FTX for $1.4 billion, the struggling crypto lender introduced late Monday (Sept. 26).

The sale got here “after multiple rounds of bidding in a highly competitive auction process that lasted two weeks,” in line with a press launch.

PYMNTS had reported that 22 events had proven curiosity in buying Voyager, together with the crypto trade Binance, which at one level had provided a barely larger bid than FTX.

Voyager stated FTX’s bid relies on the truthful market worth of all Voyager cryptocurrency “at a to-be-determined date in the future,” an estimated $1.3 billion at present costs, plus “additional consideration that is estimated as providing approximately $111 million of incremental value.”

Voyager filed for Chapter 11 chapter safety in July, per week after suspending withdrawals and two weeks after getting a $485 million bailout from FTX Founder Sam Bankman-Fried’s firm Alameda Research.

Read extra: Crypto Lender Voyager Heads to Bankruptcy Auction

FTX and Alameda had proposed buying Voyager in July, however a lawyer for Voyager countered that bid was a “low-ball bid dressed up as a white knight rescue” and would truly price the corporate cash in the long run.

See extra: Alameda to Return $200M Voyager Digital Loan

Alameda additionally stated it’ll return $200 million in cryptocurrency borrowed from the corporate. Court paperwork showede Alameda would pay about 6,500 bitcoin and roughly 51,000 ether, and Voyager would return the collateral related to the mortgage. Alameda had tweeted over the summer time that it was “happy” to return the mortgage.

As PYMNTS reported, Voyager and its associates Voyager Digital and Voyager Digital Holdings sought Chapter 11 voluntarily to restructure and “create a path” to renew operations and “return value to customers.”

At the time of the submitting, Voyager had greater than $650 million in claims towards Three Arrows Capital, a Singapore-based crypto hedge fund, which is in liquidation. According to the information launch, these claims “remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate’s creditors.”

The information comes simply days after Voyager introduced the resignation of Chief Financial Officer Ashwin Prithipaul, who stepped down “to pursue other opportunities,” in line with an organization information launch final week. CEO Stephen Ehrlich will do Prithipaul’s job till a alternative is called, Voyager stated.

Read extra: Bankrupt Crypto Lender Voyager’s CFO Ashwin Prithipaul Resigns

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https://www.pymnts.com/personnel/2022/bankrupt-crypto-lender-voyagers-cfo-ashwin-prithipaul-resigns/partial/

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