FTX and Alameda Research executives have been subpoenaed by Voyager Digital’s unsecured creditors’ committee and are set to appear remotely for deposition next week. Bankman-Fried and other FTX executives were also subpoenaed last week by bankruptcy administrators. Among those subpoenaed is Samuel Trabucco, the former co-CEO of Alameda, who retired in August 2022 and has kept a low public profile since then. The subpoenas are part of an investigation into the financial dealings of the two companies.
Voyager Digital, a crypto lender, declared bankruptcy in July 2022 and FTX attempted to bail them out. However, lawyers representing Voyager Digital called the proposal a “low-ball bid dressed up as a white knight rescue.” Now, lawyers for Voyager’s creditors are conducting remote depositions on Feb. 23 to investigate FTX’s attempt to bail out the crypto lender. The depositions will help determine if FTX’s proposal was a genuine attempt to help Voyager Digital or if it was a ploy to take advantage of the lender’s financial situation.
AlamedaFTX has proposed a liquidation of Voyager’s cryptocurrency assets and loans, where FTX would serve as the liquidator. However, Voyager’s lawyers have argued that the proposal is designed to generate publicity for AlamedaFTX rather than value for Voyager’s customers. They have also raised concerns about the “fair value” of the assets and loans being subject to negotiation with AlamedaFTX. As such, Voyager’s lawyers have urged customers to be wary of the proposal and to seek independent advice before making any decisions.
Binance.US has won the bid for Voyager’s assets, and a U.S judge in New York has given the deal the go-ahead. The news comes as Nishad Singh, the former director of engineering for FTX, is set to plead guilty to fraud charges. The acquisition of Voyager’s assets by Binance.US will help the company expand its presence in the U.S. cryptocurrency market, allowing it to offer more services to its customers. The deal is expected to be finalized in the coming weeks, and it will be interesting to see how it affects the U.S. cryptocurrency market.
