Fun

Alameda Research Seeks $446 Million Over Alleged ‘Preferential Transfers’ to Voyager Digital

News Feed - 2023-02-01 12:02:52

Alameda Research Seeks $446 Million Over Alleged ‘Preferential Transfers’ to Voyager Digital


On Monday, Alameda Research Ltd. filed a legal complaint against Voyager Digital LLC and HTC Trading Inc. in the U.S. bankruptcy court. The complaint alleges the defendants received preferential transfers of property from Alameda Research and the plaintiffs are seeking to recover approximately $445.8 million from Voyager and HTC. Legal Battle Erupts Over Crypto Asset Transfers Reportedly Made by Alameda Research


A newly filed complaint in the FTX bankruptcy proceedings shows Alameda Research, the defunct quantitative trading firm created by Sam Bankman-Fried (SBF), is seeking close to $446 million from bankrupt exchange Voyager Digital and HTC Trading. Lawyers for Alameda claim the company paid off outstanding loans after Voyager filed for bankruptcy protection in July. The complaint also claims the transfers are recoverable as an administrative priority under sections 503 and 507 of the U.S. Bankruptcy Code.


“The collapse of Alameda and its affiliates amid allegations that Alameda was secretly borrowing billions of FTX-exchange assets is widely known,” the filing details. “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 complaint adds.


When Voyager filed for bankruptcy protection in July, it cited a loan default worth hundreds of millions from Three Arrows Capital. After Voyager’s bankruptcy, Sam Bankman-Fried and FTX claimed they could offer early liquidity to Voyager Digital’s customers in the proceedings. Then they detailed plans to purchase Voyager and its assets for $1.4 billion. Soon after, the Texas State Securities Board (TSSB) objected to FTX’s bid, stating the state securities commissioner needed to “determine whether FTX US is complying with the law.”


Alameda’s lawyers say in the filing that after the firm paid Voyager in crypto assets, it “had been unable to determine whether [Voyager] held a valid and effective lien or security interest.” The plaintiffs’ lawyers consider the transfers “preferential transfers” that were “avoidable.” Alameda insists it’s entitled to payment for the transfers, which it says were “made to or for the benefit of one or more of the defendants.” Tags in this story $1.4 billion, Alameda Research, approximately $445.8 million, Assets, avoidable, bankruptcy protection, benefit, bid, Compliance, crypto assets, Customers, defendants, defunct quantitative trading firm, early liquidity, effective lien, Exchange, FTX bankruptcy proceedings, HTC Trading, Law, Lawyers, legal complaint, loan default, outstanding loans, payment, preferential transfers, Proceedings, property, purchase, recover, Sam Bankman-Fried, security interest, state securities commissioner, Texas State Securities Board, Three Arrows Capital, U.S. bankruptcy court, valid, Voyager Digital


What do you think about Alameda Research’s lawsuit against Voyager Digital and HTC Trading? Share your thoughts in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs NEWS | 4 hours ago FTX Debtors Seek Dismissal of Turkish Entities in Chapter 11 Bankruptcy Proceedings NEWS | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSIMBA Chain Awarded $30M U.S. Air Force STRATFI Next articleVenom Ventures Fund Commits a $5 Million Strategic Investment in the Everscale Blockchain Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales


Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Tristan Greene3 hours agoNew data poisoning tool would punish AI for scraping art without permissionThe tool is currently in the research stage, but the team plans to integrate it with its existing artist protection tool
Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings
Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and prot
Biggest Movers: LTC Rallies to 1-Week High, as UNI Snaps Recent Losses
Biggest Movers: LTC Rallies to 1-Week High, as UNI Snaps Recent Losses Litecoin rallied to a one-week high on Friday, as the token rose for a second consecutive session. The move s
Ton Application Chain and Polygon team up to launch new TON L2
Tom Mitchelhill8 hours agoTon Application Chain and Polygon team up to launch new TON L2Ton Application Chain and Polygon Labs say the L2 integration will bring a range of new applications, including DeFi and GameFi, to
Ethereum’s Vitalik Buterin Says EIP 1559 ‘Most Important Part of London,’ Network Is Burning $16K in ETH per Minute
Ethereum"s Vitalik Buterin Says EIP 1559 "Most Important Part of London," Network Is Burning $16K in ETH per Minute The Ethereum blockchain has completed the hig
Ava Labs brings intellectual property management to K-pop industry
Vince Quill3 hours agoAva Labs brings intellectual property management to K-pop industryAccording to a market report from Allied Research, the South Korean pop music industry will be valued at $20 billion by 2031.503 Tot
Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday
Biggest Movers: XTZ, FLOW Reach Multi-Week Highs on Tuesday XTZ rose to its highest point in nearly three weeks on Tuesday, as the token climbed for a second straight session. The
Tom Mitchelhill6 hours agoBitcoin transaction fees flip Ethereum’s as Ordinals hype returnsBitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets.2958 Total views1
Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021
Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021 In 2021, a number of 2010 block rewards were spent after the bitcoins sat idle for mor
Solana Slips To $209: Rising Bearish Pressure Threatens Key Support
Este artículo también está disponible en español. Solana is navigating a critical juncture as its price edges toward the $209 mark under increasing bearish pressure. Rece
XRP Coils For A Breakout, But Key Resistance Still Stalls The Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
South African Government to Add Crypto Entities to ‘List of Accountable Institutions’
South African Government to Add Crypto Entities to "List of Accountable Institutions" According to the South African government, crypto entities — or businesses whose activities