• Defunct crypto trading firm Alameda Research is aiming to reclaim $446 million transferred to bankrupt lender Voyager Digital prior to its own bankruptcy filing.
• The collapse of Alameda and its affiliates was widely publicized due to allegations that Alameda was secretly borrowing billions of FTX exchange assets.
• Voyager had ten different loan sheets with Alameda at the time it filed for bankruptcy, and claimed to hold various cryptocurrencies such as Bitcoin, Dogecoin, Ether, USD Coin, and Litecoin as collateral for the loans.
Alameda Research, the defunct crypto trading firm, has filed a lawsuit against Voyager Digital and HTC Trading with the aim of reclaiming the $446 million transferred to the bankrupt lender prior to its own bankruptcy filing. The collapse of Alameda and its affiliates was widely publicized, with allegations that Alameda had secretly borrowed billions of FTX exchange assets at its core.
Voyager had ten different loan sheets with Alameda at the time the lender declared bankruptcy last July. The filing mentions that Alameda repaid all of Voyager’s outstanding loans after the lender declared bankruptcy. Some of the loans had not yet matured when Voyager requested repayment. Voyager claimed in various filings in September and October 2022 that it held FTT (an exchange token issued by FTX) and SRM (the Serum protocol token) as collateral for loans made to Alameda, in the form of various cryptocurrencies such as Bitcoin [BTC], Dogecoin [DOGE], Ether [ETH], USD Coin [USDC], and Litecoin [LTC], which Alameda then repaid in cryptocurrencies.
In the lawsuit filed yesterday, lawyers stated that they were unable to determine whether Voyager held a valid and effective lien or security interest in the collateral, or whether the collateral had been released or transferred prior to the bankruptcy filing. The filing alleges that the $446 million was transferred from Alameda to Voyager prior to the bankruptcy filing, and that Voyager had no legal right to the funds.
Alameda Research is now seeking damages for the $446 million plus interest. The lawsuit also requests that the court order Voyager to return any of the collateral that it holds or furnish a full accounting of all the assets it holds. The outcome of the case will have implications for the entire crypto industry and the future of crypto lending.