Crypto exchange founder, Bankman-Fried, tipped to acquire bankrupt Voyager Digital

The founder of FTX Crypto Derivatives Exchange, Sam Bankman-Fried, has entered into a bidding war with Wave Financial, a digital-asset investment firm, to acquire the assets of cryptocurrency lender, Voyager Digital.

Recall that Ripples Nigeria had reported Voyager Digital declared bankruptcy following the crash of Terra algorithm in H1 this year, which also led to crypto lender, Celsius Network, and Hedge fund, Three Arrows Capital, to declare bankruptcy.

According to Coindesk, Bankman-Fried had bidded for Voyager Digital assets after an auction was held to enable the company raise funds to settle investors, who turned into creditors after the firm’s decision to declare bankruptcy.

READ ALSO: Binance CEO, Changpeng Zhao, warns of cryptocurrency risk, as investors lose $1.11 trillion

Person with knowledge of the auction was attributed to have disclosed that Sam Bankman-Fried made the highest bid, although the amount was not disclosed, however, it was stated that a new player could enter the auction, as parties involved haven’t finalised the asset sale.

The largest cryptocurrency exchange in the world, Binance, was also named as one of the interested bidders a month after FTX Exchange offered what was described as a “low-ball bid” in July, which was eventually rejected before the new auction.

Bankman-Fried’s company is reportedly raising new funds to finance its bid to acquire Voyager Digital assets.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now