Alameda Takes on Voyager in Loan Recovery Lawsuit

The FTX Group‘s bankruptcy proceedings have been filled with unexpected, if not outright humorous, incidents. A motion filed on January 30th, in the spirit of previous ones, seeks to relieve FTX Leadership of all culpability.

Voyager Digital was compelled to file its own Chapter 11 bankruptcy lawsuit earlier this year. FTX made a buyout offer to Voyager at the time, but it was rejected. Then, SBF retaliated against the latter, saying it was attempting to use bankruptcy proceedings to get more money from clients.

Voyager Digital returned the favor by accusing SBF of making untrue claims regarding the bankruptcy case and criticizing him for disclosing the specifics of the planned deal.

The FTX Group and Voyager are currently in the spotlight because things have changed. Voyager has asked for the repayment of its loans to FTX as part of the company’s efforts to pay back clients.

The statement says that the total amount repaid sums $445.8 million, which was split into three payments: an interest payment of $3.2 million in August, a loan payback of $248.8 million in September, and a repayment of $193.9 million in October. FTX is now asking for that money back.

“The collapse of Alameda and its affiliates amid allegations that Alameda was secretly borrowing billions of FTX-exchange assets is widely known. Largely lost in the (justified) attention paid to the alleged misconduct of Alameda and its now-indicted former leadership has been the role played by Voyager (…) who funded Alameda and fueled that alleged misconduct, either knowingly or recklessly. (…) To that end, Voyager lent Alameda hundreds of millions of dollars worth of cryptocurrency in 2021 and 2022.”

Alameda’s attorneys appear to be claiming that Voyager permitted the SBF-founded computer to continue breaking its own rules. As a result, FTX Group lawyers see repayment of their loan to Voyager negatively and propose that the funds be returned to Alameda’s wallets.

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