Binance, other crypto firms line up bids for bankrupt Voyager Digital after FTX collapse
Summary
Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New Yorks Metropolitan Commercial Bank. Voyager filed for Chapter 11 bankruptcy protection, which seeks to restructure troubled firms as viable business operations, in July after crypto hedge fund Three Arrows Capital defaulted on a loan from the company worth $670 million. Voyager was set to be acquired by FTXs American unit, FTX U.S., for $1.4 billion after Sam Bankman-Frieds firm won in a U.S. bankruptcy auction. Speaking on Bloomberg, Binance CEO Changpeng Zhao said Binance.US "will make another bid for Voyager now, given FTX is no longer able to follow through on that commitment." CrossTower, a crypto and NFT trading platform, was among the parties that initially competed to buy Voyager in the court auction.