Cryptocurrency pioneer Voyager is on a mission to protect its investors and uncover the truth behind the controversial merger with FTX and Alameda Research. Let us take a deeper dive to learn further about the ongoing dispute.
What has happened?
Voyager Digital’s legal staff has thrown a bombshell at well-known crypto figures, Sam Bankman-Fried and other FTX & Alameda Research executives. Summons have been issued to obtain information regarding the now-bankrupt broker, unearthing a potential mess of legal consequences.
The issued summons illustrate the expansive nature of their investigative efforts, seeking documents and communication between FTX entities and both the SEC and DOJ, data regarding the loan portfolio between Alameda and Voyager as well as FTX’s financial condition before and after the bankruptcy.
When did the relationship between the two companies soared?
Voyager and Alameda were formerly close allies, but their relationship soured when the FTX-owned company demanded Voyager return $446. million of funds it had previously repaid. This clawback provision kicked in as the money was paid back within 90 days of Alameda’s bankruptcy filing, entitling them to redistribute those resources among its creditors.
Unwittingly, Voyager now faces an extraordinary setback; while they considered themselves a benefactor at first, they have instead been plunged into financial peril with the stroke of a pen.
Meanwhile, Judge Michael Wiles seemed to understand the suffering of Voyager as he decided to assign a fee examiner to review professional fees in Voyager’s Chapter 11 case. Voyager’s move to summon FTX and Alameda execs is a clear sign that the company is not backing down from its fight. The judge’s order to appoint a fee examiner is a positive step in this process.