Voyager Digital has announced that it's rejected a takeover proposal from FTX — dismissing it as 'a low-ball bid dressed up as a white knight rescue.' 🧐
FTX — the crypto exchange led by Sam Bankman-Fried — has been positioning itself as a company that's prepared to bail out troubled firms, and claims that it has the resources to do so.FTX said Voyager customers would get the chance to open a new account on its exchange "with an opening cash balance funded by an early distribution or portion of their bankruptcy claims."
Lawyers also point out that the proposal would involve converting each customer's crypto into dollars — with claims paid in USD. This would leave Voyager users "bearing the tax consequences." They go on to claim that the company's VGX tokens would be "effectively eliminated" — destroying $100 million in value "immediately."
The filing went on to accuse Alameda and FTX of a "clear and intentional subversion of the bankruptcy process" — potentially damaging customers and creditors — and suggested action could be taken in the future.Sam Bankman-Fried released a Twitter thread — apparently in response to this court filing — to criticize Voyager's handling of its bankruptcy process.
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