Alameda Research Seeking Recovery of $446M Crypto from Voyager
Embattled crypto trading operator Alameda Research confirmed applying to regain a $446 million settlement to the bankrupt Voyager Digital. The affiliate of collapsed FTX initiated a lawsuit to recover the funds from the bankrupt lender.
Alameda Claims to Regain Settlement to Voyager
The complaint submitted by Alameda attorneys on January 30 identifies the respondents as Voyager Digital and HTC Trading. Alameda discloses that it settled the outstanding loans advanced by Voyager after the lender’s bankruptcy filing in July 2022. However, the plaintiff alleges a portion of the loans were yet to mature when the crypto lender requested Alameda to honour the repayment.
The Monday filing indicated that the Alameda empire collapses alongside its affiliates is publicly known with allegations of the trading firm’s secretive role in borrowing billions from the parent firm. The documents annexed to the filing indicate that the community and authorities overlook Voyager and other crypto lenders’ input in aiding the alleged Alameda misconduct. The filing argues that Voyager funded Alameda, thereby knowingly or recklessly aiding the alleged misconduct.
Validity of Voyager’s Lien and Collateral Questioned
The filing disclosed that the crypto lender maintained 10 loan sheets when Voyager sought bankruptcy protection. The revelation contradicts the previous position during September and October 2022 disclosures. In particular, Voyager stated owning FTT and SRM issued by FTX and Serum protocol serving as collateral to loans advanced to Alameda. The filing echoed previous FTX disclosure that the loans were advanced through bitcoin, USDC, Litecoin, Dogecoin and ether.
Alameda confirmed through the filing repaying the loans using cryptos, including ether, Litecoin, bitcoin, dogecoin and USDC. Alameda lawyers explained to the application that it was challenging to ascertain whether the bankrupt crypto lender lien was effective and valid in the collateral during the repayment time. The lawyers argued that it was uncertain whether Voyager purported collateral existed to any of the existing obligations.
Alameda lawyers petition the court to hold the repayment as avoidable preferential transfers. The filing argues that such a finding would involve awarding Alameda $445.8 million, fees incurred during the transaction.
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