Court filing: Voyager says FTX and Alameda's restructuring proposal is “a low-ball bid dressed up as a white knight rescue” that disrupts its bankruptcy process
BloombergYueqi Yang
Context & Ripple Effects
Voyager entered Chapter 11 earlier in July with Alameda identified as its main creditor in the related coverage. Its objection turns a proposed FTX-Alameda intervention into a contested part of the court-supervised process rather than an agreed restructuring path.
The dispute also sits against a complex Voyager-Alameda financial relationship documented soon afterward, making the proposed rescue's terms and influence central to Voyager's creditor process.
First-order effects
Voyager is formally resisting FTX and Alameda's proposal, placing its own bankruptcy process and the proposal's valuation before the court as competing priorities.
FTX and Alameda must defend a proposal Voyager characterizes as a low bid rather than rely on it as an uncontested rescue route.
Second-order effects
Voyager's creditors face a more adversarial restructuring process, as the debtor's objection challenges whether the FTX-Alameda offer serves the estate.
The objection creates room for alternatives to the FTX transaction—a path later reflected when Voyager was allowed to pursue other bids after ending its sale process with FTX.
Third-order effects
The case illustrates how a creditor-affiliated rescuer can become a source of conflict in a crypto bankruptcy, pushing courts and creditors to scrutinize whether financing or acquisition proposals preserve estate value.
As interconnected lenders and trading firms enter restructuring cases on multiple sides, bankruptcy outcomes may hinge more on conflicts among counterparties than on a single buyer's rescue narrative.
The trend: Crypto bankruptcies are exposing the tension between rapid rescue offers and creditor-led scrutiny when the proposed rescuer is already financially entangled with the debtor.
1) Voyager lost customer assets, but it still has the majority left. Why haven't those been returned to customers yet? Sad facts from a bankruptcy process.
You have all heard the terms “hero,” “bailout,” “rescue,” and “help” in reference to FTX saving distressed companies. Voyager, one of the aforementioned companies, disagrees - they think that SBF's deal is extremely predatory and will actually hurt customers even more. https://tw…
Some strong language in Voyager's rejection of @SBF_FTX's bid to buy its assets out of bankruptcy Voyager says SBF's announcement of the offer was “laden with misleading or outright false claims” https://cases.stretto.com/... https://twitter.com/...
14 p.s. to clarify: our offer would give Voyager customers back 100% of the remaining assets that Voyager has, including claims on anything recovered in the future.
7) And meanwhile, Voyager's consultants would be slowly draining the remaining funds by charging fees every month the bankruptcy process dragged on. This didn't seem right to us. Customers already lost assets; we didn't want them to lose more.
10) So, who's against our offer? Well, it was voluntary—customers wouldn't have to use it! But there are parties that *would* lose from it: third parties who want to take some of the customer assets as fees.
To clear up some confusion: 1/ We'd provide the fair market value of the liquid assets. So if this transaction was happening today, we'd buy ETH from the “estate” at $1600 as opposed to $1150 on Jul 5th. https://twitter.com/...
Tighten it up @Ehrls15. You recklessly gambled w/Su. Do the right thing for your customers by moving their accounts to a superior service (@FTX_Official). Perhaps negotiate a performance bonus for your customers to regain the *other* 25% in the future regardless of the 3AC scam. …
Voyager filed a response to FTX public announcement from Friday. “It seems clear, however, that AlamedaFTX's Proposal, which was made in contravention of the proposed Bidding Procedures, was designed to generate publicity for itself rather than value for Voyager's customers” http…
15) ...and the “please give us some excuse to charge more fees on the estate” parade begins: https://twitter.com/... Anyway we've made our offer, hopefully customers are allowed to choose it if they want. If not guess it's up to the consultants to ensure prompt liquidity...
Few thoughts: bullish DeFi, this turns into a customer acquisition cost for FTX, on the surface people could see this as cynical but this is the best of a bad situation. Money stays in the casino, people spin the wheel with their retained 75c on the dollar. https://twitter.com/..…
SBF plan to give Voyager customers cash in an FTX account is pretty smart imo Like giving ppl a bonus if they cash their paycheck at the casino - a high % will at least try a few more rounds I tend to agree that if the deal goes thru, could be a huge short-term crypto catalyst ht…
13) Anyway: in the end, we think Voyager's customers should have the right to quickly claim their remaining assets if they want, without rent seeking in the middle. They've been through enough already.
I am loving this new trend of negotiation via dueling press releases. Here's Voyager's (scathing) response: https://cases.stretto.com/... https://twitter.com/...
6) So, what's going on with Voyager? Well, lots of parties were trying to bid $0.10 on the dollar for the assets. If a customer had $100 on the platform, a third party would pay $10 for it, get whatever funds remained (maybe $75), and then the customer... gets back $10.