The disputes between crypto companies, which escalated last year, continue into 2023. This time, the controversy is between the company Alameda Research and the bankrupt crypto lender Voyager Digital. That said, attorneys for FTX recently filed suit against the crypto lender, on behalf of Alameda Research. Find out why!
Alameda Research tries to recover loan repayments from FTX
Crypto lender Voyager Digital filed for bankruptcy in July 2022, four months before the FTX exchange. After declaring bankruptcy, he demanded repayment of all outstanding loans from FTX and Alameda. Now, FTX attorneys have filed a claim on Alameda’s behalf to recover the loan repayments. They argued that the latter were made too close to the bankruptcy of FTX and Alameda.
The claim to recover the refunds was filed in a Delaware court on January 30. If validated, Alameda and FTX will be able to recover $445.9 million of funds. It turns out that FTX reportedly paid an estimated $3.2 million in interest in August. Then, he paid $248.8 million to the crypto lender in September. The exchange then paid out $193.9 million in October.
Voyager Digital responsible for its own situation?
Further, attorneys for FTX and Alameda stated that the crypto lender is himself responsible for his bankruptcy. They indicated that he funneled customer funds to Alameda” knowingly or recklessly “. They claim that Voyager Digital did so with ” little or no due diligence “.
” Voyager’s business model was that of a feeder fund. He solicited retail investors and invested their money with little to no due diligence in crypto investment funds like Alameda and Three Arrows Capital ”, explained FTX.
Bankrupt crypto exchange FTX wants to collect loan repayments to pay off a few of its own creditors. Meanwhile, Sam Bankman-Fried’s lawyers would like the judge to allow him access to the exchange’s accounts. They feel that the ex-FTX boss is being judged a little too harshly when he has done nothing wrong. Finally, the bankrupt crypto exchange confessed that Alameda used client funds to make risky investments.
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