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Crypto exchange Crosstower is working on a proposal to remediate the assets of bankrupt crypto lender Voyager Digital, a spokesperson told Cointelegraph.Voyager announced The bidding process has resumed after the original winner of the bid, FTX US, filed for bankruptcy in the United States on November 11th.
We are working on a revised offer that we believe will benefit Voyager customers and the broader crypto community. CrossTower has always been and will continue to be community focused, said a spokesperson. The official said without specifying the amount.
According to Voyager, in September FTX US secured an auction price for assets at around $1.4 billion. The sale of the assets is expected to be completed following the Chapter 11 Plan and an asset purchase agreement approved by the US Bankruptcy Court for the Southern District of New York.
In a statement published Nov. 11, Voyager said “the no-shop clause in the asset purchase agreement between Voyager and FTX US is no longer binding,” prompting the bidding process to resume and the company to go bankrupt. was in “active discussions with alternate bidders.”
A CrossTower spokesperson said the company is not currently aware of any other players participating in the bidding process.
While we are not aware of any other interests at this time, even with other players in the ring, CrossTower’s priority is to ensure the best interests of Voyager’s customers and the wider crypto community.
As Cointelegraph previously reported, Binance and CrossTower, along with FTX, have submitted bids to acquire Voyager’s assets, each proposing their own terms.
CrossTower proposed to keep the existing Voyager platform and app. This means that customers do not have to switch platforms after a deal is closed. As part of this plan, customers also receive a pro rata share of assets. Additionally, CrossTower’s planned acquisition will see the exchange share revenue with Voyager’s customers for several years.
New bid terms have not been confirmed, but a CrossTower spokesperson suggests a similar proposal is in the works.
Voyager had an incredibly loyal and engaged customer base and was doing a healthy business, and we believe the foundation of Voyager can be built upon.
In its bid statement, Voyager also said, “FTX has approximately $3 million in balance, consisting of locked LUNA2 and locked SRM, which remain locked and are eligible for vesting.” We were unable to withdraw because of the schedule.
Voyager also claimed that it did not transfer any assets to FTX in connection with the sale agreement. FTX US has previously submitted a $5 million good faith bond as part of the auction process, which is held in escrow.
