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Binance US prepares to bid for Voyager

05/12/2022
07/12/2022
08/12/2022

MetaVentures Bangkok 2022

Bangkok, Thailand
14/12/2022
27/02/2023

ICBM Expo

Dubai, UAE
03/03/2023

The US subsidiary of global crypto exchange Binance, Binance US, is preparing to relaunch its bid to acquire bankrupt crypto lender Voyager Digital.

A few days back, Voyager announced it has reopened the bidding process for the company and is in active discussions with alternative bidders following FTX’s bankruptcy filing. 

The month of September saw the selection of FTX US as the highest and ultimately successful bidder for the acquisition of Voyager Digital’s assets, with a bid of 1.42 billion dollars. At that time, the top two bidders were Binance and FTX; however, FTX ended up being the successful bidder.

Patrick Hillmann, chief communications officer for Binance, stated that the exchange is not striving to be the “white knight” of the cryptocurrency industry. There is no one in this company who can compare to Luke Skywalker or Darth Vader. This is a company that has the most to lose as the market leader, and it is looking around to see where it can contribute to the growth of the industry in the event of a black swan event.

At the time that FTX filed for bankruptcy, Voyager had a balance of approximately $3 million at FTX. The majority of this balance was comprised of locked LUNA2 and locked SRM, both of which the company was unable to withdraw because they are still locked and subject to vesting schedules.

Voyager stated that during the course of the transaction, it did not hand over any of its assets to FTX US. As part of the bidding process for the auction, FTX US did submit a “good faith” deposit of $5 million, which is now being held in escrow.

During this time, SBF’s cryptocurrency trading firm, Alameda Research, has already repaid $200 million to Voyager in the form of 6,553 Bitcoin (approximately $128 million) and 51,204 Ether (approximately $70 million).

Compiled by Coinbold

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