Voyager attacked by own lawyer- The Cryptonomist

Voyager’s creditor sought a receiver to save the crypto company

Although it may seem unusual, after allegations launched by Michelle DiVita, which hymn mismanagement of Voyager’s bankruptcy process, the creditor has made demands. In fact, the creditor of the cryptographic asset company strongly believes that Voyager needs a receiver or examiner who can handle the bankruptcy as soon as possible. So far no figure has been requested to take a position at the top and manage the company’s Chapter 11 more competently, but with the Feb. 1 motion, Michelle DiVita has done so.

In the motion the grounds for the charge are well spelled out, according to the creditor, a former lawyer for the company in fact, Voyager allegedly concealed the nature of its lending activities by publishing financial reports that materially understated its loan positions by more than $1 billion.

More specifically, the former Voyager director highlighted the main allegations of the Feb. 1 motion. Voyager Digital allegedly underestimated a $609 million loan from cryptocurrency hedge fund Three Arrows Capital. It also undervalued Bitcoin in its financial reports by 546 percent to minimize the size of its loans.

According to rumors, the U.S. cryptocurrency exchange, Coinbase was also aware of the inconsistencies in Voyager Digital’s financial statements and financial reports. After discovering the company’s financial woes, Coinbase withdrew an offer to acquire the company.

Alameda Research attempts to recover $446 million from Voyager Digital.

SBF’s defunct company, Alameda Research has attempted to recover some $446 million it had transferred to Voyager Digital prior to its bankruptcy filing. THE suit was filed in court on Jan. 30 by FTX’s lawyers, who filed on Alameda’s behalf.

FTX acknowledged allegations that Alameda used FTX customers’ deposits for its risky investments but added that Voyager and other crypto lending companies were also complicit. In fact, in the document drafted on Jan. 30, this passage is also quoted that sees allegations of involvement by companies such as Voyager:

“The collapse of Alameda and its affiliates amid allegations that Alameda was secretly borrowing billions in FTX exchange assets is widely known.
Largely lost in the (justified) attention paid to the alleged misconduct of Alameda and its now indicted former leadership has been the role played by Voyager and other cryptocurrency “lenders” who funded Alameda and fed that alleged misconduct, knowingly or recklessly. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital. To this end, Voyager loaned Alameda hundreds of millions of dollars of cryptocurrency in 2021 and 2022″

FTX and the attempt to acquire Voyager Digital

In September, cryptocurrency exchange FTX US secured the winning bid for the assets of cryptocurrency brokerage Voyager Digital with a bid of about $1.4 billion. The bid was the fair market value of Voyager’s crypto holdings at a date to be determined in the future.

According to Voyager, at the back-then market prices, the fair market value of its holdings was estimated to be around $1.3 billion, and the deal included “additional consideration,” estimated at about $111 million.

As we know, however, a few months later, FTX’s bankruptcy blew up this takeover attempt as well. And now FTX’s sister company, Alameda Research has tried everything with Voyager Digital, through an attempt to recover money.

Voyager says its creditors have suffered “substantial damages” due to Alameda making an offer for Voyager’s assets that it could not honor, costing them over $100 million.