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Crypto Exchange Giants Binance and FTX in Bidding War Over Bankrupt Lender Voyager: Report

Two of the world’s leading cryptocurrency exchanges have reportedly submitted bids to acquire the assets of troubled cryptocurrency lender Voyager Digital.

The Wall Street Journal quoted people familiar with the matter Report Binance is willing to pay about $50 million to acquire Voyager’s assets, which is slightly more than FTX’s offer.

Voyager is auctioning off its remaining assets as restructuring plan after application bankruptcy Because of the bear market. Its financial woes worsened when crypto hedge fund Three Arrows Capital (3AC), one of its biggest borrowers, defaulted on a $650 million loan.

As Voyager goes through bankruptcy proceedings, FTX makes proposal In July, Voyager customers had the option to cash out early without waiting for the proceedings to end.

The exchange’s chief executive, Sam Bankman-Fried, said his company’s proposal gave Voyager a better option for dealing with bankruptcy.

“The goal of our joint proposal is to help build a better way to address insolvent crypto businesses — one that allows clients to access early liquidity and recover some of their assets without forcing them to speculate on the outcome of bankruptcy and take a one-sided approach practice risk.”

Voyager Ultimate reject FTX’s takeover bid, which it said was a “low-price” bid that did not provide the best value for customers.

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