Troubled crypto lender Voyager Digital is going to receive hundreds of millions of dollars worth of crypto assets from Alameda Research.
According to a recent court filing, FTX CEO Sam Bankman-Fried’s crypto trading firm will give back a loan worth nearly $200 million to Voyager, a crypto brokerage that filed bankruptcy earlier in the year.
The court documents reveal that Alemeda will repay Voyager 6,553 Bitcoin (BTC) and 51,204 Ethereum (ETH), worth nearly $124.5 million and $68.7 million at time of writing, respectively.
“The parties have agreed that Borrower will repay all outstanding amounts under the Specified Loans, giving consideration to all prior repayments and refinancings thereof, in accordance with the terms of the Credit Agreement and this payoff letter.”
Upon receiving the payment, Voyager will return to Alameda 4,650,000 FTX Token (FTT) and 63,750,000 Serum (SRM) that were being held as collateral for the loan. The repayment of the loan is due on September 30th, according to the court documents.
Voyager initially filed for bankruptcy two months ago after crypto firm Three Arrows Capital (3AC), a prominent borrower, failed to pay back a substantial loan worth over $650 million and caused the digital assets lender to halt all customer deposits, withdrawals, and trades.
Bankman-Fried initially proposed a bailout for Voyager in July, which many in the crypto community said would further damage Voyager customers.
The CEO responded by saying,
“We submitted an offer: If accepted, any customer who wanted could come and get back their share of everything that remained, as soon as possible.
It would let customers–if they chose–get the remaining assets back right away, with no fees or additional haircut.”
Voyager’s native asset, VGX, is changing hands for $0.654 at time of writing, a 4% gain on the day.
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Featured Image: Shutterstock/Shiao Risu