Cryptocurrency lender Voyager Digital revealed Alameda Research as a creditor, shareholder and borrower after filing for bankruptcy in Ontario, Canada on Wednesday. These revelations of Alameda’s $377 million debt in Voyager bankruptcy sparked heated debate with crypto influencers including Binance CEO ‘CZ’.
After CZ criticized FTX CEO Sam Bankman-Fire (SBF) and Almeida for controversial deals. Alameda Research has agreed to pay the Voyager loan and get the collateral back. In a tweet on July 8, Alameda Research agreed to pay back the debt owed to Voyager.
Binance CEO criticized FTX and Alameda Research for making such deals. They reported that 3AC owed Voyager a few million dollars and went bankrupt. After Almeida invested in Voyager, it took a $377 million loan from Voyager, but did not pay off the loan that could have prevented Voyager Digital from going bankrupt.
In an interview with the Wall Street Journal, SBF said, the loan given to Alameda was a part of normal crypto lending and was unrelated to a $75 million credit line invested by Alameda in Voyager.
Failure of seafarers and unsecured loans
In mid-June, Voyager Digital received a $200 million line of credit and 15,000 bitcoin from Alameda Research, an investment firm founded by SBF. Voyager Digital still has $110 million in cash to carry on its routine business activities during the bankruptcy process, the notification said.
This will be in addition to the $1.3 billion in crypto deposits made on the platform and $350 million in customer funds that are now held in an account with the Metropolitan Commercial Bank (MCB).
Voyager Digital had reported a delay in payments by Three Arrows Capital (3AC) involving 15,250 bitcoin and 350 million units of stablecoin UDC at the end of June – amounting to around 600 million euros. 3AC declared bankruptcy at the same time.
Voyager also invested in debt in other crypto firms, such as Genesis Global Trading, Wintermute Trading, Galaxy Digital and Tai Mo Shan Limited, which is affiliated with Jump Trading Company, which owed Voyager Digital approximately $100 million. Is.
Stefan Ehrlich, CEO of Voyager Digital, has revealed a financial restructuring plan to protect assets and return customers’ funds. In addition, Celsius has also paid off its debt and transferred $500 million to the FTX exchange.