Alameda Sues Voyager in Try and Recoup Mortgage Repayments

The FTX Group’s chapter proceedings have seen their fair proportion of unusual, if not downright hilarious, moments.

A movement filed on the thirtieth of January continues within the spirit of prior ones, searching for to absolve FTX Management of all accountability.

Mortgage Compensation Requested

Earlier this yr, Voyager Digital was pressured to file its personal Chapter 11 chapter case. On the time, FTX made Voyager a buyout supply, which was refused. SBF then lashed out on the latter, accusing it of making an attempt to squeeze more cash out of consumers by way of chapter proceedings.

Voyager Digital returned the favor, claiming that SBF made false assertions concerning the chapter case, and blasted him for going public with the main points of the proposed deal.

Nonetheless, instances have modified, and the FTX Group is now within the scorching seat together with Voyager. As a part of the agency’s efforts to repay prospects, Voyager has requested the reimbursement of its loans to FTX.

In line with the submitting, the sum repaid provides as much as $445.8 million, unfold throughout three funds: a $3.2 million curiosity one made in August, in addition to $248.8 million and $193.9 million mortgage repayments in September and October, respectively. Now, FTX needs that cash again.

Accusing Voyager of Failing to Do Due Diligence

Because the loans have been repaid shortly earlier than FTX went bankrupt, legal professionals for the FTX Group have filed a movement requesting the repayments be returned to Alameda. The submitting additionally claims that Alameda’s chapter is partly the fault of Voyager and different corporations, who allegedly uncared for to hold out due diligence and misused buyer funds. Pot, meet kettle.

“The collapse of Alameda and its associates amid allegations that Alameda was secretly borrowing billions of FTX-exchange property is broadly recognized. Largely misplaced within the (justified) consideration paid to the alleged misconduct of Alameda and its now-indicted former management has been the function performed by Voyager (…) who funded Alameda and fueled that alleged misconduct, both knowingly or recklessly. (…) To that finish, Voyager lent Alameda a whole bunch of tens of millions of {dollars} value of cryptocurrency in 2021 and 2022.”

To sum it up, Alameda’s legal professionals seem like stating that the misconduct at Alameda was at the least partly fueled by Voyager, who enabled the SBF-founded firm to proceed flouting its personal guidelines.

Consequently, FTX Group legal professionals see the reimbursement of their debt to Voyager unfavorably and request that the cash be returned to Alameda’s pockets.