Alameda Research, the sister company of the collapsed crypto exchange FTX, has filed a lawsuit against bankrupt crypto lender Voyager Digital to reclaim $446 million in loan repayments.
Alameda Research Sues Voyager for $446 Million
In a court filing dated January 30th, Alameda Research is looking to retrieve up to $445.8 million in loan repayments that FTX made before collapsing and filing for chapter bankruptcy 11 in November 2022.
Sponsored
According to the filing, FTX, on Alameda’s behalf, paid Voyager Digital $248.8 million in September and $193.9 million in October. The now-bankrupt crypto exchange also said it received a $3.2 million interest payment in August.
The FTX lawyers who submitted the case against Voyager Digital in a Delaware court argued that Alameda is eligible for the loan repayments because they were made so close to FTX and Alameda’s bankruptcy in November.
Alameda and Voyager Engaged in Risky Trading
In the filing, the FTX lawyers admitted that its sister firm, Alameda Research, used FTX customer deposits for risky investments and trading. However, they also apportioned blame to Voyager’s team.
According to the lawyers, Voyager and other crypto lending firms were also complicit. The filing states that Voyager “knowingly or recklessly” funneled customer funds toward Alameda with “little or no due diligence.”
On the Flipside
- The collapse of FTX and Alameda Research continues to send shockwaves through different industries, with Effective Ventures Foundation, a U.K.-based charity, now being investigated by prosecutors.
Why You Should Care
Returning funds to Alameda Research could potentially be budgeted in the FTX funds recovery process and used to repay creditors.
Read the latest in the FTX bankruptcy case below:
SEC Probes Investment Advisors’ Use of FTX for Client Funds
Find affected creditors from the collapse in:
FTX’s Huge Creditor List Includes Some of SBF’s Close Partners
