Lawyers for the FTX Group claim that Voyager Digital lent Alameda nearly $446M without conducting due diligence.
There have been a number of unexpected, if not downright hilarious moments during the FTX Group’s bankruptcy proceedings.
On the 30th of January, another motion was filed seeking to absolve FTX Leadership of all responsibility.
Request for loan repayment
A chapter 11 bankruptcy case was filed by Voyager Digital earlier this year. Voyager declined FTX’s buyout offer at the time. A few days later, SBF slammed the latter, accusing it of trying to squeeze more money from its customers.
Voyager Digital returned the favor, claiming that SBF made false statements about the bankruptcy case and chastising him for making the details of the proposed deal public.
However, times have changed, and the FTX Group, along with Voyager, is now in the firing line. Voyager has requested repayment of its loans to FTX as part of the company’s efforts to repay customers.
According to the filing, the total amount repaid is $445.8 million, which was divided into three payments: a $3.2 million interest payment in August, a $248.8 million loan repayment in September, and a $193.9 million loan repayment in October. FTX now demands the money back.
Voyager is being accused of failing to conduct due diligence.
Because the loans were repaid shortly before FTX went bankrupt, the FTX Group’s lawyers have filed a motion requesting that the repayments be returned to Alameda. The filing also claims that Voyager and other firms contributed to Alameda’s bankruptcy by failing to conduct due diligence and misusing customer funds.
To summarize, Alameda’s attorneys appear to be claiming that Voyager enabled the SBF-founded company to continue breaking its own rules. As a result, FTX Group lawyers view repayment of their debt to Voyager negatively and request that the funds be returned to Alameda’s pockets.