FTX Suing Voyager Digital for $446M

FTX, a void cryptocurrency exchange, filed an action against Voyager Digital, a crypto lender, on Monday to recover $445.8 million in loan disbursements that FTX made before going out of business in November 2022. FTX and Voyager filed for ruin after the collapse of the cryptocurrency requests in 2022. Still, Voyager’s form came four months before. 

FTX paid Voyager on Alameda’s behalf

After filing in July, Voyager sought recovery of all loans owed to FTX and its related barricade fund Alameda Research. In a court document, FTX claimed it had paid Voyager $248.8 million and $193.9 million in September and October, respectively, on Alameda’s behalf. In addition, FTX paid $3.2 million, per its court documents, in interest in August.

FTX’s complaint states that because those loan payments were made so soon after FTX filed for ruin, they can be recouped and applied to pay off other FTX creditors. When FTX, preliminarily one of the leading cryptocurrency exchanges in the world, filed for ruin in November, it transferred shockwaves through the assiduity. It left an estimated 9 million consumers and other investors facing losses in the billions of bones. 

Where did the troubles begin?

Sam Bankman- Fried, the company’s author, has been charged with fraud, and several top directors, including Caroline Ellison, the CEO of Alameda Research, have admitted guilt. Innocence has been disputed by Bankman- Fried, whose trial is set for October. 

When Voyager and other crypto companies were destroyed in the summer of 2022, FTX appeared to survive the extremity by situating itself as a” white knight” who could calm the tumbling crypto requests. In a ruined transaction, FTX offered to buy the Voyager platform; still, when FTX collapsed in November, the willed accession was abandoned. 

FTX admitted the claims that Alameda had allegedly stolen FTX guests’ finances to pay for its reckless borrowing and lending in its court form on Monday. Meanwhile, Voyager and other cryptocurrency lenders were indicted of being complicit in Alameda’s conduct by” deliberately or carelessly” directing their guests’ cash toward Alameda. 

The business conception of Voyager was that of a confluent fund, according to FTX. It sought regular investors and placed its plutocrat in Bitcoin investment finances like Alameda and Three Arrows Capital with little to no due research. The possessors of Three Arrows Capital, which also declared ruin in 2022, have refused to work with the court-appointed liquidators trying to recoup means for Three Arrows guests.