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Bankrupt trading firm Alameda Research has sued Voyager Digital for $445 million because it appears to be recovering loan payments made after the failed crypto lender filed for bankruptcy protection.
New filings were made in federal bankruptcy court in Delaware on Monday.
Mountain Problems For Voyager
Crypto trading company Alameda Researchone part of the founding of FTX Sam Bankman-Fried’s crypto empire, has sued failed crypto lender Voyager Digital. The entity is seeking to recover approximately $445 million, which was transferred to Voyager after filing for bankruptcy protection. Alameda Research made a filing in federal bankruptcy court located in Delaware on Monday. According to the filing, Alameda is seeking $445.8 million, although this figure could be higher if there is evidence that Alameda make more payments to Voyager.
In addition, Alameda Research is seeking reimbursement of all legal fees. The submission stated,
The collapse of Alameda and its affiliates amid allegations that Alameda secretly borrowed billions in the assets of the FTX exchange is widely known. Largely lost in the (justified) attention paid to the alleged misconduct of Alameda and its now-indicted former leadership has been the role played by Voyager and other cryptocurrency ‘lenders’ who funded Alameda and fueled the alleged breaches, either knowingly or recklessly.
Submission Details
According to the filing, Voyager Digital entered into ten separate loan papers with Alameda Research when it filed for bankruptcy. In separate filings filed in September and October 2022, Voyager claimed that they held FTT tokens (FTX native token) and SRM (Serum Protocol token) as collateral for loans provided to Alameda Research in the form of a number of cryptocurrencies, including Dogecoin, ETH, Bitcoin, Litecoin and more.
The filing stated that Alameda had repaid his loan to Voyager in ETH, Bitcoin and other crypto assets. Lawyers for Alameda also stated that they were unable to determine whether Voyager had a “legal and effective lien or security right” over the collateral at any time or whether the collateral related to any of Alameda Research’s obligations.
Aiming at Voyager
Alameda Research’s legal team also criticized Voyager Digital, taking aim at the embattled lender’s role in the collapse of FTX and Alameda, calling the entity a “feeder fund” that performed little to no due diligence before investing funds raised from its retail clients. Voyager Digital has so far not released any statement regarding the development.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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