Voyager’s 2nd largest debtor is ready to repay its loan in no rush to collect the collateral

After cryptocurrency brokerage Voyager Digital made headlines after filing for Chapter 11 bankruptcy protection following the recent crypto market crash, one of its largest debtors said they were ready to repay their loan and collect collateral.

Indeed, Alameda Research, the trading company co-founded by crypto billionaire Sam Bankman-Fried, said it was “happy to repay the Voyager loan and collect the collateral every time it works for Voyager,” in a tweet. published July 8.

According to Toronto-based Voyager Digital’s bankruptcy filing, Alameda Research is its second largest debtor, ahead of Voyager $377 million, including a $75 million unsecured loan, crypto journalist Colin Wu said.

Voyager issues and crypto connections

Meanwhile, the Toronto Stock Exchange opened a delisting review of Voyager Digital on July 6, and its shares have since been “immediately suspended.” Notably, after limiting the daily withdrawal limit in late June, Voyager Digital on July 6 filed for bankruptcy protection for nearly $1 billion in unsecured loans to Three Arrows Capital (3AC).

One of the largest crypto hedge funds, 3AC, missed a payment on a loan worth $670 million in June, further shaking the crypto market which was already under severe pressure due to monetary policies more stringent.

In late June, Voyager Digital filed a notice of default with 3AC for failing to make required payments on its previously disclosed loan of 15,250 Bitcoin (BTC) and $350 million USDC, announcing its intention to pursue asset recovery by legal means.

Interestingly, Alameda is not only Voyager’s main debtor. It is also one of its main shareholders, with more than 9% of the capital, according to a report by Bloomberg’s Yueqi Yang and Olga Kharif.

Bankman-Fried founded it in 2017 with the mission of executing crypto arbitrage trades, before moving on to managing the FTX crypto exchange. According to the report, it was this interconnectedness of the crypto market “that accelerated losses in the industry during the market crash this year.”