In response to Voyager’s chapter submitting, Alameda is the corporate’s second-largest debtor (after 3AC). There have been many doubts nonetheless raised round “rescuing the market” whereas we’re nonetheless in debt.
Sam Bankman-Fried and Voyager’s Chapter
As up to date in a Coincu Information article, based on Voyager Digital’s chapter submitting, Alameda Research, the corporate based by crypto billionaire Sam Bankman-Fried, final month prolonged its credit score restrict used $500 million to crypto dealer Voyager Digital, which itself owes the corporate $377 million. Alameda’s debt makes it Voyager’s second-largest borrower after Three Arrows Capital’s default, additionally based on 3AC.
It’s value declaring that Sam Bankman-Fried, founder and CEO of cryptocurrency alternate FTX, has a vested curiosity in seeing Voyager made entire. At one level, Alameda and its enterprise arm, Alameda Ventures, had been the one largest this firm shareholders with 11.6% of all excellent shares, based on a June 17 press launch.
On the time, Voyager inventory (VYGVF) was buying and selling at simply over $1.
Every week later, on June 23, Alameda introduced in a press launch that it had surrendered, or returned in alternate for no cash, 4.5 million of its shares. These shares had been value $2.6 million on the time and VYGVF was buying and selling at $0.56 per share.
Alameda’s share give up introduced its stake within the firm to 9.49% – simply under the 10% threshold that may have made it an “insider” within the eyes of the U.S Securities and Trade Fee. This is identical SEC rule that required Tesla CEO Elon Musk to reveal his stake in Twitter in April, forward of constructing an acquisition provide.
On July 6, after the Toronto Inventory Trade suspended buying and selling of this firm’s inventory, it ended the day buying and selling at $0.27.
Nevertheless, on the afternoon of June 18, Alameda Analysis loaned Voyager $ 485 million to bail out this firm. This raises the query:
- How is SBF purported to bail out the crypto house when he’s himself in numerous debt?
- Was the failed “credit score” line an try to preserve Voyager afloat in order that he has not repay this debt instantly?
- Is SBF/Alameda/FTX actually in such a great monetary place, how a lot debt do they personal to different lenders akin to BlockFI?
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