FTX sister company Alameda Research sues Voyager Digital for $446M

Embattled crypto funding agency Alameda Analysis is suing bankrupt crypto lender Voyager Digital in an effort to claw again mortgage repayments FTX made earlier than it collapsed in November.

Legal professionals managing the FTX and Alameda chapter case sued Voyager for $445.8 million in a Delaware court docket on Jan. 30.

Whereas each firms filed for chapter in 2022, Voyager’s chapter 11 submitting got here 4 months earlier in July. Following Voyager’s Chapter 11, the crypto lender demanded reimbursement of all excellent loans to FTX and its affiliate funding agency Alameda Analysis.

In line with FTX attorneys submitting on behalf of Alameda, these mortgage repayments are eligible to be clawed again as they had been made so near their very own chapter in November.

FTX claims it paid Voyager $248.8 million in September and $193.9 million in October. The alternate additionally made a $3.2 million curiosity cost in August, in line with the court docket filings.

FTX acknowledged allegations that Alameda used FTX buyer deposits for its dangerous investments however added that Voyager and different crypto lending corporations had been additionally complicit, “knowingly or recklessly” funneling buyer funds towards Alameda with “little or no due diligence.” It acknowledged:

“Voyager’s enterprise mannequin was that of a feeder fund. It solicited retail traders and invested their cash with little or no due diligence in cryptocurrency funding funds like Alameda and Three Arrows Capital.”

The embattled crypto alternate hopes to repurpose any reclaimed funds to repay a few of its collectors.

FTX had deliberate to buy Voyager out of chapter earlier than its collapse in November.

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In a separate growth, FTX has requested the court docket to exclude two of its Turkish subsidiaries from the chapter proceedings.

In a movement filed on Jan. 27, the corporate has requested for the exclusion of FTX Turkey and SNG Investments because it believes U.S. courts haven’t any jurisdiction within the nation and prospects had already begun non-public claims towards the corporate.

“The orders entered by this Courtroom do not need authorized or sensible impact in Türkiye and the Debtors haven’t any cause to consider that the Turkish authorities will adjust to this Courtroom’s orders,” the submitting acknowledged.