Crypto Exchanges FTX And Binance Emerge As Top Bidders In Voyager Asset Auction

Exchanges FTX and Binance have reportedly made the highest bids for the assets of the bankrupt crypto lender Voyager Digital.

Bankrupt Lender Voyager Top Bidders Binance and FTX Making Moves

Crypto exchanges FTX and Binance reportedly submitted the highest bids for the assets of bankrupt crypto lender Voyager Digital, in the auction held on Tuesday, September 13th.

FTX and Binance Make Top Bids for Voyager’s Assets

Last week, we reported that Moelis & Company, the investment bank of Voyager Digital, had held an auction for the assets of the crypto lender, with crypto exchange FTX emerging as the lead candidate for the purchase.

Sponsored

However, recent reports suggest that both Binance and FTX made the top bids for the assets of Voyager Digital. The Wall Street Journal, citing people familiar with the deal, reports that Binance’s bid was higher.

According to the source, the highest bid, made by Binance, was valued at an approximate $50 million, coming in slightly higher than the competing bid from FTX. The winner of the auction is expected to be announced on, or before Voyager’s next court hearing on September 29th.

Binance or FTX? Who Is Favored to Win the Auction?

Despite Binance reportedly leading the deal, FTX has been on a buying spree this year, spending more than $1 billion to secure the acquisition of potentially beneficial assets from companies that have suffered distress due to the market crash.

However, Sam Bankman-Fried’s FTX has had a rocky relationship with Voyager Digital. In July the crypto lender rejected FTX’s offer to take on its assets, calling it a “low-ball” bid, and the exchange’s history with Voyager could potentially be to Binance benefit in the asset sale.

On the Flipside

  • Following a recent court filing, Sam Bankman-Fried’s Alameda Research will return $200 million in crypto borrowed from Voyager Digital.

Why You Should Care

The asset auction took place as part of the lender’s bankruptcy proceedings, and is intended to put Voyager Digital in a better position to repay its creditors, who have been left waiting for months.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia