News28 September 2022

Crypto exchange FTX bought bankrupt firm Voyager for $1.4 billion

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The bankrupt company was recently auctioned off for nearly $1.5 billion. 

Voyager stated that the offer consists of the fair market value of its cryptocurrency assets. Based on the information provided, that is 1.3 billion crypto-assets and 111 million of so-called "additional value."

It's not clear to the end what kind of additional value is meant. Well, or someone did not miss the chance to make a profit on the bankrupt company's sale.

The issue with Voyager customers, who are still waiting to access their cryptocurrency holdings, remains acute. Little has been said about this, with Voyager stating that additional information about access to cryptocurrencies "will be provided as it becomes available."

This sounds like "we don't know ourselves, but we'll see what we can do about it."

The asset sale should be finalized after the Chapter 11 plan and asset purchase agreement are submitted to the U.S. Bankruptcy Court for the Southern District of New York for approval on Oct. 19.

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