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CZ And The Crypto Industry Debate Over Voyager Bankruptcy

Granit.M

Alameda Research as a creditor, stakeholder, and borrower was included in the bankruptcy filing of cryptocurrency lender Voyager Digital. Including Binance CEO Changpeng Zhao, the crypto industry and its significant figures have discussed and commented on the disclosure of Alameda’s $377 million loan in the Voyager bankruptcy.

In response to CZ’s criticism of FTX CEO Sam Bankman-Fried and Alameda for controversial transactions, Alameda Research has now accepted to repay the Voyager loan and receive the collateral in exchange.

Sam Bankman-Fried, CEO of FTX, and Alameda Research came under fire from various crypto experts for failing to repay $377 million in loans to Voyager and failing to be open with the community. Alameda Research tweeted that it will settle its debt to Voyager, On July 8.

The CEO of Binance, “CZ,” slammed SBF-founded companies FTX and Alameda Research for engaging in these acquisitions. He brought up the fact that Three Arrows Capital owes Voyager a little fortune yet files for bankruptcy. Voyager was about to file for bankruptcy when Alameda invested in it, borrowed $377 million from it, and then failed to repay the debt.

Sam Bankman-Fried stated in an interview with the Wall Street Journal that the loan to Alameda was a standard component of the lending operations of cryptocurrency lender Voyager. Furthermore, the loan had nothing to do with the $75 million credit line that Alameda had provided to Voyager.

It’s worth noting that under Voyager’s restructuring plan, Alameda’s stock and the $75 million credit line would be gone.

A financial restructuring strategy in order to safeguard assets and restore funds to clients has been presented by Stephen Ehrlich, CEO of Voyager. In addition, Celsius has paid off its Maker debt and deposited $500 million to the FTX exchange.

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