Voyager received better purchase offers than FTX, which is expected to bring in $ 270 million to customers

The cryptocurrency lender will be able to return some of the client funds blocked to the Metropolitan Commercial Bank that have been frozen so far.

Cryptocurrency lender Voyager Digital Holdings says it has received a number of “higher and better” buy offers than those offered by AlamedaFTX in July, contrary to the investment firm’s ongoing public statements.

The company was also authorized to return $ 270 million in client funds held at the Metropolitan Commercial Bank (MCB) by the judge presiding over its bankruptcy proceedings in New York.

During a presentation on the second day of hearings on August 4, Voyager said it received information from 88 interested parties interested in saving the company from its financial difficulties, adding that it was in “active discussions” with more than 20 potentially interested parties.

One of the most high-profile offers came from Alameda Ventures and FTX in July.

Alameda had offered to buy all of Voyager’s assets and outstanding loans with the exception of the outstanding loan to Three Arrows Capital, then liquidate the assets and distribute the funds in USD through the US exchange FTX.

This was rejected by Voyager on July 25 on the grounds that it did not “maximize value” for its customers.

The company also noted that it has already received offers through the go-to-market process that are “superior and better than AlamedaFTX’s proposal”, contrary to AlamediaFTX’s “inaccurate” public statements.

Source: Presentation of the second day of Voyager Digital

Voyager said it also separately sent AlamedaFTX a termination letter and desisted on its “inaccurate” public statements, confirming that AlamedaFTX had no “advantages” over other bidders.

$ 270 million in customer funds returned

News of other interested bidders comes when US bankruptcy court judge Michael Wiles gave Voyager the green light to return some of its clients’ cash deposits.

According to an Aug. 4 report in the Wall Street Journal, Judge Wiles said that Voyager had provided a “sufficient basis” for his claim that customers should have access to the deposit account held at the Metropolitan Commercial Bank (MCB). believed to hold $ 270 million in cash.

Voyager had hidden funds in her bank account when she filed for bankruptcy on July 5th. These funds were frozen when bankruptcy proceedings began.

Stephen Ehrlich, CEO of Voyager Digital, mentioned in July that he intended to return MCB client funds as soon as a “reconciliation and fraud prevention process” had been completed and that the company would request the release of MCB funds on July 15.

Voyager’s debt amounts to just $ 10 billion from around 100,000 creditors, but it’s not the only cryptocurrency brokerage, lender, or investment firm to have fallen out of favor for itself and its users. Celsius, Three Arrows Capital, BlockFi and others have also been involved in the ongoing saga.

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