The exchange is proposing to buy out all of the digital assets and loans held by Voyager Digital with the exception of the loans held by Three Arrows Capital, which would continue to be Voyager Digital’s responsibility.
Voyager Digital customers will have the opportunity to register a new FTX account with a starting cash amount financed by an early payout on a portion of their bankruptcy claims, FTX and Alameda Ventures said in a statement on Friday.
Alameda Ventures stated that it would seek to acquire all of the Voyager digital assets and digital asset loans, with the exception of the loans to Three Arrows Capital, in order to achieve this (3AC).
According to a letter from an FTX and Alameda Ventures legal representative, Voyager Digital clients who decided not to open an FTX account would still be able to exercise their legal rights during the bankruptcy process, but they would not be eligible for an early refund.
Since payment for digital assets will be based on their value on July 5, declining the offer would shield Voyager Digital clients from the decline of the cryptoassets they do not presently have access to.
Clients of Voyager Digital would be able to quickly cash out their accounts or continue trading cryptocurrencies after opening an FX account. Sam Bankman-Fried, co-founder and CEO of FTX, said:
“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business — a way that allows customers to obtain early liquidity and reclaim a portion of their without forcing them to speculate on bankruptcy outcomes and take one-sided risks.”
For a fee of $15 million, FTX would acquire all of Voyager Digital’s customer information in addition to purchasing its digital assets and digital asset loans at market value and receiving its trademarks and other intellectual property. Additionally, FTX would waive its $75 million debt claim it had against Voyager Digital.
FTX is urging Voyager Digital to respond to the offer by Tuesday to have the sale approved quickly by the bankruptcy court and close by August 17. Voyager Digital would still be able to collect 3AC cash, and its clients would still be compensated separately and apart from their agreements with FTX.