FTX has won insolvent crypto lender Voyager’s auction bid for $1.4bn.
Bankrupt Voyager Digital has announced that crypto exchange FTX through its subsidiary FTX US has won the bid for its assets.
The two-week auction process of Voyager’s cryptocurrencies valued at $1.311bn came to an end and sold for $1.422bn comprising an additional consideration worth around $111m.
The auction comes after three months of bankruptcy proceedings since the company filed for Chapter 11 bankruptcy on July 5.
“FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a Chapter 11 plan and return value to their customers and other creditors”, according to a statement by Voyager.
On Wednesday, October 19, the transaction agreement for FTX’s bid will be presented for approval to the US Bankruptcy Court for the Southern District of New York.
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