The now-defunct Alameda Research, which was the sister company of the insolvent FTX, is seeking to collect $446 million that was transferred to the now-defunct lender Voyager Digital before Alameda filed for bankruptcy, according to a newly filed complaint.
In the lawsuit that was brought against HTC Trading and Voyager Digital, it was said that after Voyager filed for bankruptcy in July 2022, Alameda paid back all of its delinquent payments, some of which were still accruing interest when Voyager sought for reimbursement.
FTX said that it had paid Voyager a total of $248.8 million in the month of September and an additional $193.9 million in the month of October on behalf of Alameda. In addition, FTX made a payment of $3.2 million to cover interest on loans throughout the month of August 2022.
Because these loan repayments were made so close to the date that FTX and Alameda’s own bankruptcy was filed in November 2022, according to the lawyers for FTX who sued on behalf of Alameda, it is possible that these repayments may be recouped.
In addition to accepting charges that Alameda abused deposits from FTX consumers for its hazardous investments, FTX also alleged that Voyager and other crypto loan organizations were guilty in it. FTX acknowledged the claims that Alameda did this.
Voyager’s approach to doing business was similar to that of a feeder fund. It targeted ordinary investors and placed their money in cryptocurrency investment funds like Alameda and Three Arrows Capital without doing much or any due diligence on the funds’ merits, according to FTX’s statement.
Alameda has asked the court to determine that these “are avoidable preferential transfers” and “grant [Alameda] no less than $445.8 million (plus the amount of any future unnecessary transfers Plaintiff discovers”), in addition to any expenses that have been expended.
In addition, Alameda requests the court to “Award Plaintiff its lawyers’ fees, pre-and post-judgment interests, and expenses of action; and Award Plaintiff any further relief, at law or equity, to which it may be entitled.”
In the previous calendar year, FTX made efforts to assist Voyager after the company’s bankruptcy, going so far as to outbid Binance in order to become the highest bidder and the successful buyer of Voyager Digital’s assets. Since then, things have flipped upside down for them, and they now want the insolvent Voyager’s assistance in the amount of $446 million.
Recent events have resulted in the court granting preliminary permission for the sale of Voyager Digital’s assets to Binance.
Following the rejection of Voyager’s proposed deal by the Committee on Foreign Investment in the United States (CFIUS), state securities regulators, the United States Securities Exchange Commission (SEC), Alameda Research, and other organizations, the United States entered into an agreement with Alameda Research worth approximately one billion dollars.
Compiled by Coinbold