Alameda Ventures and FTX moved forward to provide an opportunity to the Voyager Digital clients to initiate an exclusive account on FTX in which the starting cash balance is to be funded on the behalf of early dissemination on a section of their bankruptcy assertions, as declared by FTX in a statement on Friday. To translate this into action, Alameda Ventures mentioned that the venue would prefer to purchase the entirety of the digital assets as well as the digital asset mortgages of Voyager Digital while excluding the mortgages to Three Arrows Capital (3AC).

FTX Moves forward to Save Voyager Digital

An Alameda Ventures and FTX representative issued a letter that elaborated that those clients of Voyager Digital who did not opt for the creation of an account on FTX would have their rights retained in the bankruptcy-related proceedings, however, will not get early reimbursement. Giving consent to the offer would shield the Voyager Digital consumers from the devaluation of the crypto assets that are not accessed by them at the moment, as their digital assets’ reimbursement basis will be their value on 5th July.

Following the organization of an FTX account, the customers would be permitted to keep on trading the crypto assets or withdraw from their accounts rapidly. In the words of Sam Bankman-Fried – the CEO of FTX – their collective proposal’s objective is to assist in the establishment of a better method to deal with an insolvent business of cryptocurrencies, a method that lets the clients get early liquidity as well as reclaim a section of the assets in their possession without any compulsion to speculate on the results of bankruptcy.

Voyager Digital to Pass on Customer Information to FTX

Apart from purchasing the digital assets as well as digital asset mortgages of Voyager Digital at the market value, the information of the entirety of the customers will also be given to FTX for recompensing up to $15M as well as get trademarks and also the rest of intellectual property. A loan claim of approximately $75M against Voyager Digital would also be written on the behalf of FTX.

FTX has asked Voyager Digital to provide an answer to the proposal by Tuesday, while keeping in view obtaining accelerated authorization to be given by the bankruptcy court as well as the termination of the contract by 17th August. The funds of 3AC would even then be subjected to recovered by Voyager Digital, and a separate reimbursement of its consumers’ contracts with FTX would independently be given to them.