• Voyager Digital and FTX have agreed to hold a disputed $445 million loan payment in escrow pending a settlement or court order.
•FTX’s relationship with Voyager has been under intense scrutiny since both firms filed for bankruptcy last year.
•The two companies are involved in litigation which includes allegations of misuse of customer funds and attempts to undermine Voyager’s restructuring efforts.

Voyager, FTX Reach Agreement on $445M Loan

Voyager Digital and FTX have agreed to hold a disputed $445 million loan payment in escrow pending a settlement or court order, according to a Feb. 22 court filing. The bankrupt lender also said it would continue to hold another $5 million deposit made by FTX in escrow until ownership is litigated and decided by settlement or court order.

Background

FTX’s relationship with Voyager has been under intense scrutiny since both firms filed for bankruptcy last year. In January, FTX’s sister company Alameda Research sued the crypto lender for $445.8 million, alleging misuse of customer funds – either knowingly or recklessly – as well as attempts to undermine Voyager’s restructuring efforts. Furthermore, Alameda objected to Binance US’s purchase of Voyager’s assets.

Counter Arguments

Voyager countered that Alameda tried to sabotage its restructuring efforts and recently subpoenaed top Alameda and FTX executives over their botched acquisition deal.

Conclusion

It remains unclear how the situation will be resolved and whether the two companies will ultimately reach an amicable agreement or have the matter decided by the courts.

Read More

The SEC vs Paxos: A deep dive into the implications of lawsuit and its effects on stablecoinsCryptoSlate’s new report explores the recent and potential consequences of enforcement action against Paxos