FTX, Alameda o lo'o fa'atūina se fuafuaga fa'aletupe vave mo tagata fa'atau Voyager Digital

The company that owns and operates the popular cryptocurrency exchange FTX.com has proposed a plan to allow Voyager Digital customers the chance to receive a part of their bankruptcy claims immediately through its platform.

FTX Trading announced on Friday that it was proposing this option along with two other firms —  FTX US owner and operator West Realm Shires Inc., as well as Alameda Ventures. It outlined details of the plan in a letter to Voyager.

Voyager Digital customers with bankruptcy claims would be able to immediately receive a portion of their funds by opening an FTX.com account. Participation is voluntary, FTX said. 

“Under the joint proposal, customers of Voyager would have the opportunity to start a new account with FTX with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims,” FTX.com said in a press release. “Customers would be able to withdraw their cash immediately, or use it to purchase digital assets on the FTX platform.”

The proposal is subject to the bankruptcy court’s approval. FTX said in its press statement that it hopes to close the deal as soon as possible, and “preferably in early August.” In the letter outlining the proposal to Voyager Digital, FTX said it is requesting a first response from the firm by July 26, and “would aim for documentation to be in final form for execution by Saturday, July 30.” 

“Voyager’s customers did not choose to be bankruptcy investors holding unsecured claims,” FTX CEO Sam Bankman-Fried said in the statement. “The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business — a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks.”

FTX clarified in its statement that none of the companies proposing the plan would acquire Voyager’s loans to Three Arrows Capital, and that Voyager debtors “can continue to pursue Three Arrows Capital for additional recoveries.”

Three Voyager Digital business entities filed for Chapter 11 bankruptcy protection on July 5, via the US Bankruptcy Court for the Southern District of New York. Those companies include Voyager Digital Holdings, Voyager Digital LLC and Voyager Digital Ltd.

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