{"id":40372,"date":"2022-11-14T12:54:57","date_gmt":"2022-11-14T16:54:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=40372"},"modified":"2022-11-14T12:54:59","modified_gmt":"2022-11-14T16:54:59","slug":"crosstower-updates-new-offer-for-voyagers-assets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crosstower-updates-new-offer-for-voyagers-assets\/","title":{"rendered":"CrossTower Updates New Offer For Voyager’s Assets"},"content":{"rendered":"\n
CrossTower is working on a revised offer for the assets of Voyager after FTX US, the original winner, filed for bankruptcy<\/a> on Nov. 11.<\/h5>\n\n\n\n
\"CrossTower
CrossTower Updates New Offer For Voyager's Assets<\/figcaption><\/figure>\n\n\n\n

According to a spokesperson, cryptocurrency exchange CrossTower is working on a revised offer for the assets<\/a> of defunct crypto lender Voyager Digital. After FTX US, the first winner of the offer, filed for bankruptcy on November 11 in the US, Voyager announced the reopening of its bidding process.<\/p>\n\n\n\n

\n

\u201cWe are working on a revised offer that we feel will benefit the Voyager customers and the wider Crypto community. CrossTower has always been, and will continue to be, very community-focussed,\u201d <\/p>\n<\/blockquote>\n\n\n\n

the spokesperson said, without specifying an amount. According to Voyager, FTX US <\/a>won the bidding war for the assets in September for about $1.4 billion. After a Chapter 11 plan and asset purchase agreement have been approved by the U.S. Bankruptcy Court for the Southern District of New York, the sale of the assets will take place.<\/p>\n\n\n\n

In the statement disclosed on Nov. 11, Voyager said that \u201cthe no-shop provisions of the Asset Purchase Agreement between Voyager and FTX US are no longer binding,\u201d adding that the bidding process was reopened, and the bankrupt company was in \u201cactive discussions with alternative bidders.\u201d<\/p>\n\n\n\n

According to the CrossTower spokesperson, the company is currently not aware of other players participating in the bidding process:<\/p>\n\n\n\n

\n

\u201cWe\u2019re not aware of any other interest at the moment, but even if other players enter the ring, CrossTower\u2019s priority is to ensure the best interest of the Voyager customers and the wider crypto community.\u201d<\/p>\n<\/blockquote>\n\n\n\n

As previously reported, in addition to FTX, Binance<\/a> and CrossTower also submitted offers to purchase the assets of Voyager, each with their own set of terms and conditions. Customers won't need to move platforms after the purchase is closed thanks to CrossTower's proposal to maintain the current Voyager platform and application.<\/p>\n\n\n\n

Customers would also receive their proportionate share of the assets under this scheme. Additionally, as part of CrossTower's acquisition strategy, customers of Voyager would receive a portion of the exchange's earnings for a number of years.<\/p>\n\n\n\n

A spokesperson for CrossTower implied that a similar proposal would be in the works, despite the fact that the new bidding terms are unconfirmed:<\/p>\n\n\n\n

\n

\u201cVoyager has an incredibly loyal and engaged customer base, and it had a healthy business. We believe that the Voyager foundation can be built upon.\u201d<\/p>\n<\/blockquote>\n\n\n\n

In the statement about the bidding, Voyager also confirmed\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> its exposure to the FTX collapse, with a \u201cbalance of approximately $3 million at FTX, substantially comprised of locked LUNA2 and locked SRM that it was unable to withdraw because they remain locked and subject to vesting schedules”.<\/p>\n\n\n\n

Additionally, Voyager asserted that it did not give any assets to FTX in accordance with the sale agreement. A $5 million “good faith” deposit made by FTX US earlier as part of the auction process is being held in escrow.<\/p>\n","protected":false},"excerpt":{"rendered":"

CrossTower is working on a revised offer for the assets of Voyager after FTX US, the original winner, filed for bankruptcy on Nov. 11. According to a spokesperson, cryptocurrency exchange CrossTower is working on a revised offer for the assets of defunct crypto lender Voyager Digital. After FTX US, the first winner of the offer, […]<\/p>\n","protected":false},"author":43,"featured_media":40374,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1417,1406,778],"class_list":["post-40372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-auction","tag-crypto-exchange","tag-ftx"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221114_173709_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/40372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=40372"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/40372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/40374"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=40372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=40372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=40372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}