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50,000 ETH transferred from FTX to Voyager amid investigations, details inside



Source: Unsplash

Cryptocurrency exchange FTX on 18 October transferred 50K ETH to crypto lender Voyager Digital’s main wallet. The transaction took place as the acquisition worth $1.4 billion is being executed.

Alex Svanevik, CEO of Nansen, the blockchain analytics platform, announced the news on Twitter.

It was towards the end of last month that it was announced that FTX US had won the auction to acquire Voyager Digital’s assets. The bid was valued at $1.4 billion, the fair market value of all Voyager cryptocurrency at a to-be-determined date in the future, which at current market prices is estimated to be $1.311 billion, and (ii) additional consideration that is estimated as providing approximately $111 million of incremental value.

The bid needs to be approved by the U.S. Bankruptcy Court.

As this news is being published, the Texan regulators have opened an investigation against FTX Trading, FTX US, and its executives including co-founder Sam Bankman-Fried.

The Texas State Securities Board and the Texas Department of Banking have objected to the sale of Voyager assets to FTX US. In addition, they are also investigating if FTX US is offering yield-bearing accounts to American users similar to Voyager Digital’s yield-bearing accounts.

As per the Texan regulators, both FTX and Voyager didn’t comply with the local law as these bodies were offering unregistered securities to the users.

Voyager Digital had declared bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in July 2022 as a part of a “plan of reorganization.” It followed the crypto hedge fund Three Arrows Capital (3AC) defaulting on a $650 million loan from Voyager Digital.

Meanwhile, FTX transferred 50K ETH to Voyager before the approval of the said agreement by the court.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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