CrossTower Sends in Offer as Voyager Digital Reopens Bidding

banner-image

Bankrupt cryptocurrency exchange Voyager Digital which was won by now-troubled digital asset trading platform FTX in a bid after rejecting a buyout from FTX and its associate Alameda Research recently reopened its bidding process after FTX filed for a Chapter 11 bankruptcy in a United States court and the Chief Executive Officer (CEO) Sam Bankman-Fried resigned.  

CrossTower, an Indian-based crypto exchange, had also competed with FTX and Alameda at the time of the initial bidding.

Leveraging the current FTX fallout and the reopening of the bid, Cross Tower is proposing another offer to bankrupt Voyager Digital. CrossTower has also stated that it is not aware of any other industry players which are interested in the bid.

“We are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed,” CrossTower announced

Also added, “We’re not aware of any other interest at the moment, but even if other players enter the ring, CrossTower’s priority is to ensure the best interest of the Voyager customers and the wider crypto community.”

Voyager is Non-Binding With FTX

After Voyager faced insolvency and eventually bankruptcy, it needed an acquirer to help the exchange gain stability. At that time, several crypto firms including FTX, Alameda Venture,s and CrossTower competed in a bid. Finally, in September, FTX U.S won the bid of the Voyager Digital assets for approximately $1.4 billion. 

The deal was meant to be finalized after a Chapter 11 plan and asset purchase agreement has been authorized by the U.S Bankruptcy Court for the Southern District of New York. But as it stands today according to Voyager Digital exchange, “the no-shop provisions of the Asset Purchase Agreement between Voyager and FTX US are no longer binding.”

Therefore, Voyager is exploring strategic options and reopening its bid to alternative bidders.

Also, Voyager announced that it has not transferred any digital assets to FTX U.S in line with the proposed transactions. Now, Voyager has “successfully recalled loans from Alameda Research for 6,500 BTC and 50,000 ETH. At this time, Voyager has no loans outstanding with any borrower.”

July 13, 2024

CoinStats revealed that a attacker, believed to be affiliated with a..

July 13, 2024

Artificial Intelligence (AI) OpenAI has announced its latest innovation model dubbed..

July 13, 2024

Binance legal representative, Ayodele Omotilewa, appeared in court, entering a not-guilty..

ads-image ads-image