09-21-2022 icon

Binance and FTX bid $50M to purchase Voyager’s Assets at $50M

By Lucy Adegbe

Popular crypto exchanges, Binance and FTX have placed the top bids of $50M each to purchase the assets of bankrupt crypto lending platform Voyager Digital.

Other bidders include Wave Finance and CrossTower.

While the Wall Street Journal reports that Binance’s bid is currently higher than that of FTX, the report adds that neither of the bids have been accepted.

Earlier in July, Voyager filed for a Chapter 11 bankruptcy with outstanding liability amounting to $10 billion. The lending protocol began selling its assets at the beginning of this month.

The auction of the firm’s assets began on September 13th. And the announcement for the winning bid would come on or before September 29th.

The crypto crash that occurred in May forced Voyager out of business. The firm collapsed completely after one of its largest debtors, Three Arrows Capital (3AC) filed for bankruptcy in July, leaving users stranded.

3AC reportedly owed Voyager over $650 million in Bitcoin and USDC.