Crypto lending platform Voyager to auction off assets

Stricken crypto broker Voyager will auction off its remaining assets next week as part of its bankruptcy proceedings.

The auction

A court filing was made stating that an auction will take place on 13 September at the offices of Moelis & Company, of Park Avenue, New York, and according to the latest filing, the results of the auction will be announced on the 29 September.

Only one buyer has come into the public spotlight so far, in the form of FTX, the crypto exchange headed up by billionaire entrepreneur Sam Bankman-Fried. However, Voyager was scornful of the low bid and accused FTX and Alameda (Bankman-Fried’s other company) of trying to “generate publicity” rather than bring value to the company.

Voyager filed for bankruptcy on 5 of July this year, and it has made it known that it wants to reorganise the company and go about returning assets to customers the best way it can.

FTX friend or foe?

According to an article on Decrypt the new filing underlines the issues that Voyager has with the FTX/Alameda proposal, alleging that statements in the press release from the companies included “highly misleading” information.

For his companies’ part, Bankman-Fried has declared that they have a responsibility to help crypto firms that are facing financial problems, and that FTX/Alameda will try to help stabilise other crypto companies in the ecosystem where possible.

Bankruptcy process moving along

The Voyager legal team said that more than 20 parties were interested in making bids for Voyager assets as of early August, but it isn’t known how many of these will actually put in bids at auction time.

Some of the money owed to customers affected by the bankruptcy will be paid back to them, given that the court has approved a proposal to return $270 million.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.