'Low-Ball Bid': Bankrupt Voyager Rejects Sam Bankman-Fried Firms Takeover Offer

Voyager Digital Ltd VYGVQ has rejected an offer from Sam Bankman-Fried owned companies FTX and Alameda Research to jointly buy out the bankrupt company.

What happened: In a rejection letter filed on behalf of Voyager on July 24, attorneys for the firm said the Alameda and FTX proposal is "highly misleading " and actually harms customers.

"AlamedaFTX's proposal is nothing more than a cryptocurrency sell-off on a basis that benefits AlamedaFTX. It's a low bid disguised as a white knight bailout the lawyers said.

Voyager's legal counsel also said it "seems clear" that the Alameda-FTX proposal was "designed to generate publicity for itself rather than value for consumers." Voyager customers".

Why it matters: Last week, FTX and Alameda proposed a joint plan to offer bankrupt Voyager customers a way to get quick cash and access funds.

To make this possible, the companies said they would buy all crypto assets and loans from Voyager Digital, except those made to Three Arrows Capital (3AC).

In a Twitter thread early Monday, Bankman-Fried said the offer would return Voyager customers 100% of the company's remaining assets, including any future claims recovered.

"Hopefully customers are allowed to choose it if they want to," he said.

Price Action: The cryptocurrency market has fallen 1.5% in the past day to $1.010 billion. At press time, Bitcoin BTC/USD was trading at $22,000, down 1.8% in the past 24 hours. Ethereum ETH/USD was trading at $1,523, down 2.47% and Dogecoin DOGE/USD was trading at $0.064, down 4.58% over the same period.

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