Alameda Research Sues Voyager Digital, Seeks $445 Million

Table of Contents

• Troubles Mount For Voyager 
• Details Of The Filing 
• Taking Aim At Voyager

Bankrupt trading firm Alameda Research has sued Voyager Digital for $445 million as it looks to recover loan repayments made after the failed crypto lender filed for bankruptcy protection. 

The new filing was made in a federal bankruptcy court in Delaware on Monday. 

Troubles Mount For Voyager 

Crypto trading firm Alameda Research, one part of FTX founder Sam Bankman-Fried’s crypto empire, has sued failed crypto lender Voyager Digital. The entity is seeking to recover around $445 million, which was transferred to Voyager after it filed for bankruptcy protection. Alameda Research made the filing in a federal bankruptcy court located in Delaware on Monday. According to the filing, Alameda was seeking $445.8 million, although this figure could go higher if there was evidence that Alameda made more payments to Voyager. 

Additionally, Alameda Research is also seeking the repayment of all legal fees. The filing stated, 

“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.”

Details Of The Filing 

According to the filing, Voyager Digital held ten separate loan sheets with Alameda Research when it filed for bankruptcy. In separate filings filed in September and October 2022, Voyager had claimed that it held FTT tokens (FTX’s native token) and SRM (Serum Protocol token) as collateral for loans made to Alameda Research in the form of a number of cryptocurrencies, including Dogecoin, ETH, Bitcoin, Litecoin, and more. 

The filing stated that Alameda had repaid its loans to Voyager in the form of ETH, Bitcoin, and other crypto assets. Lawyers for Alameda also stated that they were unable to determine if Voyager held a “valid and effective lien or security interest” in the collateral at any point in time or if the collateral was tied to any of Alameda Research’s obligations. 

Taking Aim At Voyager

Alameda Research’s legal team also criticized Voyager Digital, taking aim at the embattled lender’s role in the collapse of FTX and Alameda, calling the entity a “feeder fund” which did little or no due diligence before investing funds collected from its retail clients. Voyager Digital has so far not released any statement regarding the developments.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.