Voyager rejects Alameda takeover offer because it 'harms customers'

Alameda and FTX takeover proposal appears to have upset Voyager lawyers, who do not see the offer as a serious offer which would benefit its users.

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Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buy back its digital assets on the grounds that the shares "do not maximize value" and could "harm customers".

In a rejection letter filed in court on Sunday as part of its pending bankruptcy proceedings, Voyager's lawyers denounced the offer made public by FTX, FTX US and Alameda on Friday to buy all assets and outstanding loans of Voyager, except loans in default. loan to Three Arrows Capital (3AC).

The letter states that making these bids public could jeopardize any other potential transactions by subverting "a coordinated, confidential and competitive bidding process", adding that "AlamedaFTX violated numerous obligations to debtors and the court bankruptcies".

Voyager representatives have suggested that their own proposed plan to revamp the business is better because they say it would quickly deliver all of their customers' money and as much of their crypto as possible.

You've all heard the terms 'hero', 'bailout', 'rescue' and 'help' in reference to FTX rescuing companies in trouble. Voyager, one of the aforementioned companies, disagrees - they believe the SBF deal is extremely predatory and will in fact hurt customers even more. https://t.co/l726t4U4RR pic.twitter.com/NeARz3lRiP

— FatMan (@FatManTerra)