FTX proposes provide to open liquid accounts to customers of bankrupt crypto brokerage Voyager


FTX, the worldwide cryptocurrency change operator, in the present day introduced a joint provide with West Realm Shires, the proprietor and operator of FTX US, and Alameda Ventures, to offer early liquidity to clients of the crypto brokerage platform Voyager, which filed for chapter in New York earlier this month.

Underneath the joint proposal, clients of Voyager would have the chance to start out a brand new account with FTX with a gap money steadiness funded by an early distribution on a portion of their chapter claims. Clients would have the ability to withdraw their funds instantly or use them on the FTX platform.

No buyer is required to take part, and participation within the joint proposal is absolutely voluntary.

FTX hopes to shut the transaction as promptly as potential, ideally in early August, topic to the necessities of the Chapter 11 course of and the necessity for court docket approval.

Neither FTX nor different members within the joint proposal can be buying Voyager’s loans to Three Arrows Capital or associated litigation claims.

The joint proposal anticipates that Voyager would pursue its rights with respect to Three Arrows Capital issues and any recoveries can be accessible to fund supplemental distributions to clients, whether or not or not such clients open accounts with FTX.

“Voyager’s clients didn’t select to be chapter buyers holding unsecured claims. The purpose of our joint proposal is to assist set up a greater strategy to resolve an bancrupt crypto enterprise – a manner that permits clients to acquire early liquidity and reclaim a portion of their property with out forcing them to invest on chapter outcomes and take one-sided dangers.”
– Sam Bankman-Fried, CEO of FTX

Particulars of the provide are described in a letter to Voyager which might be considered right here (PDF).

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