Sources who spoke to the Wall Street Journal said that Binance’s current bid is just a little bit higher than FTX’s.
Sources who spoke to the Wall Street Journal about the situation said that Binance and FTX put in the highest bids of about $50 million for the assets of the bankrupt crypto lender Voyager Digital. The report says that neither offer has been taken up yet.
Sources say that Binance’s current bid is a little bit higher than FTX’s.
A news correspondence on Binance issues had previously reported that Binance and FTX were trying to buy Voyager’s assets at the bankruptcy auction, which was held last week in New York. The final results of the auction are likely to be announced on September 29, but they could be announced sooner.
A deal from Binance and FTX for Voyager could put an end to one of the scariest stories from a bad year for cryptocurrencies.
After the price of cryptocurrencies dropped, Voyager stopped customers from taking out their money at the beginning of July. Its clients then became creditors of the company in bankruptcy court, where they had to wait in line with experienced restructuring lawyers and financiers to get their money back. This could be a long process. Unlike a regular bank, Voyager’s failure did not trigger the government-backed deposit insurance that makes most bank customers whole. This seems to have surprised some Voyager users.
Voyager’s Chapter 11 case wouldn’t be over if it bought something. The U.S. bankruptcy law, on the other hand, gives companies in trouble the freedom to sell their assets to get as much money as possible to pay their creditors. When asked for a comment for this report, neither Binance and FTX replied right away.
