The collapse of Project Terra (LUNA/UST) last May had catastrophic consequences within the crypto ecosystem. The exchange platform Voyager Digital had declared itself bankrupt during the summer, and buyout procedures were underway since. We have just learned that it is the FTX.US platform that won the auction.
FTX.US spends $1.4 billion to buy out Voyager Digital’s assets
The collapse of Project Terra (LUNA/UST) last May had catastrophic consequences within the crypto ecosystem. The exchange platform Voyager Digital had declared itself bankrupt during the summer, and buyout procedures were underway since. We just learned that the FTX.US platform won the auction. What does this mean?
We learned the news last night. Voyager Digital, the platform infamous for having gone bankrupt after the collapse of Three Arrow Capital (3AC), has finally found a buyer for the purchase of its assets. It is the American exchange platform FTX, which had distinguished itself in recent months by its good health while other companies had rather tend to lay off.
According to the release, Voyager Digital’s assets were offered at auction, and the final price exceeded $1.4 billion. The cryptocurrencies held by the company reach $1.3 billion at the current price, and it is estimated that their accumulated value will gain $111 million in the future.
Paying back investors
The bankruptcy process is still underway for Voyager Digital, and the buyout will, among other things, pay back the company’s creditors:
“[FTX.US] provides a clear plan for the Debtors […] to return value to their customers and other creditors.”
The point for FTX is potentially to gain new users, who will transition to its platform. At least that’s what the release implies:
“[FTX.US] will allow customers to trade and store cryptocurrencies after the conclusion of the cases related to [the company’s bankruptcy].”
As a reminder, Voyager Digital filed for bankruptcy under “Chapter 11” law in the United States. This allows it to continue operating by reorganizing, and thus planning its buyout. It had already confirmed that it would be able to reimburse its customers up to 270 million dollars last August.