Trading company Alameda Research filed a new lawsuit against the insolvent cryptocurrency broker Voyager Digital in an effort to collect around $445.8 million.
The trading company was also co-founded in 2017 by Sam Bankman-Fried, the disgraced founder of FTX. In November 2022, FTX declared bankruptcy. A day before, it came to light that the cryptocurrency exchange had loaned customer money to support Alameda Research.
The most recent complaint, which FTX attorneys on behalf of Alameda filed with the U.S. Bankruptcy Court for the District of Delaware on January 30, concerns loans Voyager made to Alameda prior to the cryptocurrency broker’s bankruptcy in July 2022.
According to the complaint, all existing loans to Alameda were fully repaid before FTX and Alameda jointly filed for bankruptcy in November. Voyager sought a payback of all outstanding debts to Alameda.
“The collapse of Alameda and its affiliates amid allegations that Alameda was secretly borrowing billions of FTX-exchange assets is widely known. Largely lost in the (justified) attention paid to the alleged misconduct of Alameda and its now-indicted former leadership has been the role played by Voyager and other cryptocurrency ‘lenders’ who funded Alameda and fueled that alleged misconduct, either knowingly or recklessly,” the filing reads.
According to the court statement, the insolvent cryptocurrency lender’s business strategy “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. To that end, Voyager lent Alameda hundreds of millions of dollars’ worth of cryptocurrency in 2021 and 2022,” reads the filing.
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