According to Voyager’s bankruptcy filing, Alameda is the company’s second-largest debtor (after 3AC). There have been many doubts still raised around “rescuing the market” while we are still in debt.
Sam Bankman-Fried and Voyager’s Bankruptcy
As updated in a Coincu News article, according to Voyager Digital’s bankruptcy filing, Alameda Research, the company founded by crypto billionaire Sam Bankman-Fried, last month extended its credit limit used $500 million to crypto broker Voyager Digital, which itself owes the company $377 million. Alameda’s debt makes it Voyager’s second-largest borrower after Three Arrows Capital’s default, also according to 3AC.
It’s worth pointing out that Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, has a vested interest in seeing Voyager made whole. At one point, Alameda and its venture arm, Alameda Ventures, were the single largest this company shareholders with 11.6% of all outstanding shares, according to a June 17 press release.
At the time, Voyager stock (VYGVF) was trading at just over $1.
A week later, on June 23, Alameda announced in a press release that it had surrendered, or returned in exchange for no money, 4.5 million of its shares. Those shares were worth $2.6 million at the time and VYGVF was trading at $0.56 per share.
Alameda’s share surrender brought its stake in the company to 9.49% – just below the 10% threshold that would have made it an “insider” in the eyes of the U.S Securities and Exchange Commission. This is the same SEC rule that required Tesla CEO Elon Musk to disclose his stake in Twitter in April, ahead of making an acquisition offer.
On July 6, after the Toronto Stock Exchange suspended trading of this company’s stock, it ended the day trading at $0.27.
However, on the afternoon of June 18, Alameda Research loaned Voyager $ 485 million to bail out this company. This raises the question:
- How is SBF supposed to bail out the crypto space when he is himself in a lot of debt?
- Was the failed “credit” line an attempt to keep Voyager afloat so that he has not repay this debt immediately?
- Is SBF/Alameda/FTX really in such a good financial position, how much debt do they own to other lenders such as BlockFI?
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews