The FTX Group’s bankruptcy proceedings have seen their fair share of surprising, if not downright hilarious, moments.
A motion filed on the 30th of January continues in the spirit of prior ones, seeking to absolve FTX Leadership of all responsibility.
Earlier this year, Voyager Digital was forced to file its own Chapter 11 bankruptcy case. At the time, FTX made Voyager a buyout offer, which was refused. SBF then lashed out at the latter, accusing it of attempting to squeeze more money out of customers via bankruptcy proceedings.
Voyager Digital returned the favor, claiming that SBF made false assertions about the bankruptcy case, and blasted him for going public with the details of the proposed deal.
However, times have changed, and the FTX Group is now in the hot seat along with Voyager. As part of the firm’s efforts to repay customers, Voyager has requested the repayment of its loans to FTX.
According to the filing, the sum repaid adds up to $445.8 million, spread across three payments: a $3.2 million interest one made in August, as well as $248.8 million and $193.9 million loan repayments in September and October, respectively. Now, FTX wants that money back.
Since the loans were repaid shortly before FTX went bankrupt, lawyers for the FTX Group have filed motion requesting the repayments be returned to Alameda. The filing also claims that Alameda’s bankruptcy is partly the fault of Voyager and other firms, who allegedly neglected to carry out due diligence and misused customer funds. Pot, meet kettle.
“The collapse of Alameda and its affiliates amid allegations that Alameda was secretly borrowing billions of FTX-exchange assets is widely known. Largely lost in the (justified) attention paid to the alleged misconduct of Alameda and its now-indicted former leadership has been the role played by Voyager (…) who funded Alameda and fueled that alleged misconduct, either knowingly or recklessly. (…) To that end, Voyager lent Alameda hundreds of millions of dollars worth of cryptocurrency in 2021 and 2022.”
To sum it up, Alameda’s lawyers appear to be stating that the misconduct at Alameda was at least partly fueled by Voyager, who enabled the SBF-founded company to continue flouting its own rules.
As a result, FTX Group lawyers see the repayment of their debt to Voyager unfavorably and request that the money be returned to Alameda’s pockets.