Alameda Research, a leading principal trading company plans on reimbursing Voyager Digital, which is in bankruptcy, an estimated $200 million.
Previously, in September 2021 Alameda borrowed the funds in the form of cryptocurrencies which at that time, the total was near to $380 million.
Alameda Confirm Its Readiness to Return the Loan
The parties have reached an agreement, according to a recent filing in the Bankruptcy Court of the Southern District of New York. Alameda will be returning about 6,553 Bitcoins and 51,000 Ethers by the 30th of September.
“Happy to return the Voyager loan and get our collateral back whenever works for Voyager,” tweeted Alameda Research.
happy to return the Voyager loan and get our collateral back whenever works for voyager
— Alameda Research (@AlamedaResearch) July 8, 2022
A total of $160 million will need to be returned by Voyager in the form of 4.65 million FTX Tokens (FTT) and 63.75 million Serum (SRM).
Chapter 11 bankruptcy proceedings started in July, and the company started auctioning off its assets in September, so customers could receive some of their money back.
A deep relationship has been shown between Voyager and Alameda during the bankruptcy proceedings. Alameda, which was a lender to Voyager before the bankruptcy, then offered a $500 million bailout to Voyager in June.
This resulted in a public dispute between the two sides, with Voyager rejecting a buyout, claiming it might harm customers.
A further observation is that Voyager lent $1.6 billion in crypto loans to an entity registered in the British Virgin Islands, the same location as Alameda.
Meanwhile, Alameda acquired an 11.56% stake in Voyager through two investments totaling $110 million, making it the biggest shareholder in the company.
To avoid reporting requirements, Alameda surrendered 4.5 million shares earlier this year.
Meanwhile, similar to other crypto platforms and lending entities such as Celsius, BlockFi and Hodlnaut, Voyager struggled to continue operating after the global crypto market downfall in early Summer of 2022.