Why Alameda Research Is Suing Voyager For $446 Million!
Alameda Research, sister company of Sam Bankman-Fried’s fallen crypto exchange FTX, has recently hit another bankrupt cryptocurrency lender Voyager with a massive $446 Million lawsuit.
About The Lawsuit
According to a recent Reuters report, Alameda Research has filed a lawsuit against Voyager for $445.8 million in a Delaware court on Jan. 30. FTX lawyers filing the lawsuit on Alameda’s behalf explain that Alameda had repaid all of its millions of dollars worth of loans to Voyager after the lender had filed for bankruptcy earlier in Summer of 2022.
The filing also accuses Voyager of having contributed to the downfall of the exchange by “knowingly or irresponsibly” diverting customer cash to Alameda.
“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.” The filing read.
Bankrupt Alameda demands repayment of $445.8 million in loans made to bankrupt Voyager, which previously loaned to Alameda, but was repaid after going bankrupt. Everyone owes everyone and no one has real money. https://t.co/sWSy58B4dL pic.twitter.com/91cxsql2pr
— Jacob Silverman (@SilvermanJacob) January 31, 2023
Other FTX News
In other news relating to the fallen crypto exchange FTX, United States District Judge Lewis Kaplan has recently ruled that the identities of the two people who helped to sign the $250 million bond for former FTX CEO Sam Bankman-Fried should be revealed next month.
Judge Kaplan had reportedly granted the joint petition from eight media outlets to unseal the names of the two individuals for the purpose of “asserting the public’s claimed right of access.”
It should be noted however that the reveal of the two identities is not yet guaranteed as Bankman-Fried’s legal team will still have time to contest against the decision until February 7th.