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Dietrich Knout
NEW YORK, Jan. 30 (Reuters) – Bankrupt cryptocurrency exchange FTX on Monday filed a lawsuit against crypto lender Voyager Group Inc., seeking repayment of a $445.8 million loan made by FTX before its bankruptcy in November 2022. sued digital.
Both FTX and Voyager filed for bankruptcy amid the 2022 crypto market crash, but Voyager’s bankruptcy preceded FTX’s filing by four months.
After filing in July, Voyager demanded that FTX and its affiliated hedge fund, Alameda Research, repay all outstanding loans.
FTX filed in court that it paid Voyager $248.8 million in September and $193.9 million in October on behalf of Alameda. FTX also paid him $3.2 million in interest in August, according to court filings.
FTX’s complaint states that these loan payments were made so close to FTX’s own bankruptcy filing that they could be recovered and used to pay off other FTX creditors.
Once one of the world’s top cryptocurrency exchanges, FTX rocked the industry when it filed for bankruptcy in November, leaving an estimated 9 million customers and other investors facing billions of dollars in losses. bottom.
Its founder, Sam Bankman-Fried, has been indicted on fraud charges, and several executives, including Alameda Research CEO Caroline Ellison, have pleaded guilty to fraud. Bankman-Fried has denied wrongdoing and is scheduled for trial in October.
FTX initially appeared to have weathered the storm that took down Voyager and other crypto firms in the summer of 2022, establishing itself as the “white knight” that could stabilize the turbulent crypto market. FTX proposed to buy Voyager’s platform in a bankruptcy auction, but the proposed acquisition fell apart when FTX collapsed in November.
In a court filing Monday, FTX admitted to allegations that Alameda raided FTX client assets to cover high-risk borrowing and lending. However, Voyager and other cryptocurrency lenders said they were complicit in Alameda’s actions and “deliberately or recklessly” forced their clients’ assets onto Alameda.
“Voyager’s business model was that of a feeder fund,” FTX said. “We solicited individual investors and invested their funds in crypto investment funds such as Alameda and Three Arrows Capital with little to no due diligence.”
Three Arrows Capital also went bankrupt in 2022, with its founders refusing to cooperate with court-appointed liquidators seeking to recover the assets of Three Arrows clients. (Reported by Dietrich Knauth; edited by Gerry Doyle)
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