On January 30, attorneys overseeing the FTX and Alameda bankruptcy case filed a $445.8 million lawsuit against Voyager in a Delaware court.
Although both businesses declared bankruptcy in 2022, Voyager’s Chapter 11 filing was made in July, four months earlier. After Voyager filed its lawsuit, the cryptocurrency lender wanted recovery of any loans that were still owed to FTX and its affiliated investment company, Alameda.
These loan repayments may be recouped, according to FTX attorneys who filed a document on behalf of Alameda, because they were paid so close to FTX and Alameda’s own bankruptcy in November.
According to FTX, it paid Voyager $193.9 million in October and $248.8 million in September. In addition, the exchange paid interest in the amount of $3.2 million in August, per the court documents.
Alameda is said to have used deposits from FTX customers for its dangerous investments, but FTX also claimed that Voyager and other crypto lending companies were complicit, “knowingly or carelessly” sending client money to Alameda with “little or no due diligence.” It read:
“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.”
The troubled cryptocurrency exchange aims to use any money that is recovered to pay back some of its creditors.
Before its demise in November, FTX had intended to purchase Voyager out of bankruptcy.
Separately, FTX has requested that two of its Turkish businesses be kept out of the bankruptcy proceedings.
The corporation has requested the exclusion of FTX Turkey and SNG Investments in a move submitted on January 27 because it believes that U.S. courts lack jurisdiction in the nation and because customers have already started filing private lawsuits against it.
In the filing, it was noted that “The orders entered by this Court do not have legal or practical effect in Türkiye and the Debtors have no reason to believe that the Turkish government will comply with this Court’s orders.”