Digital Assets: Sam Bankman-Fried’s FTX US Wins Auction For Voyager Digital’s Bankruptcy Assets With $1.4B Bid

September 28, 2022 | Digital Assets, News
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The auction process that FTX won lasted two weeks.

West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be the best and highest bid after an auction process that included multiple rounds of bidding over a period of two weeks. (CISION PR Newswire)

FTX US’ winning bid comprises the fair market value of all Voyager cryptocurrency which is estimated to be currently priced at about $1.311 billion but will be finally evaluated at a yet-to-be-determined date and additional consideration that is estimated as providing around $111 million of incremental value. The Official Committee of Unsecured Creditors participated actively in the competitive auction and supported FTX US’s winning bid.

The asset purchase agreement between Voyager Digital LLC and FTX US will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Wednesday, October 19, 2022.

Objections, if any, to the auction must be filed by October 12, 2022 at 4:00 p.m. prevailing Eastern Time.

“FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors,” said a statement from Voyager. “FTX US’s market-leading, secure trading platform will enable customers to trade and store cryptocurrency after the conclusion of the Company’s chapter 11 cases.”

Meanwhile, a Bloomberg report said today that billionaire Sam Bankman-Fried is mulling a purchase of the assets of bankrupt lender Celsius Network, and that his FTX arm was in the process of raising a $1 billion funding round.

CNBC reported that Celsius Network CEO Alex Mashinsky submitted a letter of resignation Tuesday, months after the crypto company filed for Chapter 11 bankruptcy protection.

Mashinsky’s resignation is effective immediately.

Related Story: Sam Bankman-Fried Throws Bankrupt Voyager Digital’s Customers A Lifeline

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