According to a court filing dated 19th September this year, Alameda Research, a trading firm owned by FTX CEO Sam Bankman-Fried, will repay approximately $200 million in loans to Voyager Digital.
Voyager will receive some 6,553 $BTC and 51,204 $ETH, along with seven other tokens, including the now-defunct $LUNC and $DOGE.
The repayment is due on the 30th of September at 5pm (UTC-5). Failure to do so will result in the loan increasing by 9.59 $ETH and 1.07 $BTC per day.
This follows Voyager filing for chapter 11 bankruptcy protection, after the collapse of crypto hedge fund Three Arrows Capital (3AC).
Will Users Get Their Crypto Back?
Voyager has at leas a $700m hole to plug, which translates to the size of their 3AC loan.
While the $200M they would receive amounts to a sizeable proportion of that, Alameda Research put up collateral for their borrows.
That amount comprises of approximately 4.6 million $FTT, and 63.75 million $SRM, totaling roughly $161 million.
With a $39 million difference, the amount that Voyager will receive actually only accounts for 5.5% of the 3AC default. Despite their $500M loan from FTX, it seems that there will be no reimbursement till they hear back from Su Zhu and Kyle.
At the time of writing, $VGX is trading at $0.71, 20% up on the day.
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
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