Estates for crypto lender Voyager and crypto exchange FTX reached an interim agreement on $445 million of disputed loan payments.
According to a Feb. 22 court document, bankrupt cryptocurrency lender Voyager Digital agreed to hold the disputed $445 million loan payment for FTX and its unsecured creditors until a resolution or court order.
In addition, the court document stated that the crypto lender will keep an additional $5 million payment made by FTX in escrow. The defaulted lender continued:
“[The $5 million deposit] will not be used or distributed until ownership of that deposit is litigated in the New York Bankruptcy Court and decided by settlement or a final and unappealable order, including any appeals therefrom.”
With each company’s bankruptcy, there is a convoluted relationship between FTX, Alameda, and Voyager. Alameda Research, a subsidiary firm of FTX, filed a $445.8 million lawsuit against the crypto lender in January.
Voyager “fuelled” Alameda’s alleged misuse of consumer cash, according to FTX’s attorney, “either deliberately or carelessly.” Alameda tried to undermine and sabotage Voyager’s restructuring FT efforts, in response, the crypto lender responded.
Top Alameda and FTX executives were recently served with subpoenas by the lender about their bungled merger agreement.
Earlier, Voyager assumed its plan to sell the firm’s assets to Binance U.S. was finalized. This was in the light of 97% of the credits voting for the sale. However, the Securities and Exchange Commission has squashed these efforts, citing unlawful action.
