{"id":22091,"date":"2022-07-07T03:29:54","date_gmt":"2022-07-07T03:29:54","guid":{"rendered":"http:\/\/egrowonline.com\/?p=22091"},"modified":"2022-07-07T03:29:54","modified_gmt":"2022-07-07T03:29:54","slug":"sam-bankman-frieds-alameda-research-owes-bankrupt-voyager-377m","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=22091","title":{"rendered":"Sam Bankman-Fried’s Alameda Research Owes Bankrupt Voyager $377M"},"content":{"rendered":"


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It\u2019s not often a borrower bails out its lender, especially when it\u2019s to the tune of hundreds of millions of dollars.<\/span><\/p>\n

Alameda Research, the firm founded by crypto billionaire Sam Bankman-Fried that last month extended a $500 million line of credit to crypto broker Voyager Digital, itself owes the company $377 million, according to Voyager\u2019s Chapter 11 bankruptcy filing.<\/span><\/p>\n

It\u2019s an unexpected revelation that\u2019s come to light by way of a bankruptcy that\u2019s seemed like a foregone conclusion since Voyager disclosed that hedge fund Three Arrows Capital <\/span>owes it more than $600 million<\/span><\/a>.<\/span><\/p>\n

A table on page 13 of <\/span>the bankruptcy filing<\/span><\/a>, which was submitted in a New York district court today, shows that Alameda Research owes Voyager $377 million at an interest rate of 1% to 5%. The outstanding balance includes a $75 million unsecured loan, according to a list Voyager\u2019s largest unsecured claims on page 119 of the filing.<\/span><\/p>\n

\"list-of-voyager-digital-borrowers\"\"list-of-voyager-digital-borrowers\"<\/span>
List of Voyager Digital borrowers from its Chapter 11 bankruptcy filing. Source: Court document<\/figcaption><\/figure>\n

Alameda Research did not immediately respond to a request for comment from <\/span>Decrypt<\/span><\/i>.<\/span><\/p>\n

Alameda\u2019s debt makes it Voyager\u2019s second largest borrower after the insolvent Three Arrows Capital, which also goes by 3AC.<\/span><\/p>\n

When the extent of 3AC\u2019s trouble became clear, largely because of <\/span>$200 million<\/span><\/a> it lost in the <\/span>Terra collapse<\/span><\/a> in May, its lenders began to realize that huge 3AC loans on their books were about to go into default.\u00a0<\/span><\/p>\n

Once 3AC was no longer able to make payments, Voyager <\/span>issued a default notice<\/span><\/a> last Monday. Then, on Wednesday last week, a British Virgin Islands court ordered <\/span>3AC to liquidate<\/span><\/a>. That means 3AC must cease all operations and allow the court to oversee the selling of its assets to offset what it owes creditors, including Voyager Digital.<\/span><\/p>\n

It\u2019s worth pointing out that Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, has a vested interest in seeing Voyager made whole. At one point, Alameda and its venture arm, Alameda Ventures, were the single largest Voyager shareholders with 11.6% of all outstanding shares, according to a June 17 press release.<\/span><\/p>\n

At the time, Voyager stock (VYGVF) was trading at just over $1.<\/span><\/p>\n

A week later, on June 23, Alameda <\/span>announced in a press release<\/span><\/a> that it had surrendered, or returned in exchange for no money, 4.5 million of its shares. Those shares were worth $2.6 million at the time and VYGVF was trading at $0.56 per share.<\/span><\/p>\n

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Alameda\u2019s share surrender brought its stake in the company to 9.49%\u2014just below the <\/span>10% threshold<\/span><\/a> that would have made it an \u201cinsider\u201d in the eyes of the U.S. Securities and Exchange Commission. This is the same SEC rule that required <\/span>Tesla CEO Elon Musk to disclose his stake in Twitter<\/span><\/a> in April, ahead of making an acquisition offer.<\/span><\/p>\n

On Wednesday afternoon, after the Toronto Stock Exchange <\/span>suspended trading of Voyager Digital\u2019s stock<\/span><\/a>, it ended the day trading at $0.27.<\/span><\/p>\n

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It\u2019s not often a borrower bails out its lender, especially when it\u2019s to the tune of hundreds of millions of dollars. Alameda Research, the firm founded by crypto billionaire Sam Bankman-Fried that last month extended a $500 million line of credit to crypto broker Voyager Digital, itself owes the company $377 million, according to Voyager\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":22092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[9581,989,9580,5281,3235,206,3166,7597],"class_list":["post-22091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-377m","tag-alameda","tag-bankmanfrieds","tag-bankrupt","tag-owes","tag-research","tag-sam","tag-voyager"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/sam-bankman-fried-ftx-ceo-congress-gID_4.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22091"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22091\/revisions"}],"predecessor-version":[{"id":22093,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22091\/revisions\/22093"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/22092"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22091"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}