FTX Founder’s Alameda Research to Repay $200 million Loan

Paigambar Mohan Raj
Source: FOortune

According to a court filing from the 19th of September, Alameda Research will repay a $200 million loan to troubled crypto firm Voyager Digital. The repayment will see Alameda get back $160 million in collateral. Alameda Research is FTX founder Sam Bankman-Fried‘s Hong-Kong based private equity firm.

The loan will be repaid in Bitcoin (BTC) and ethereum (ETH). According to a court document filed last night, Alameda Research will pay back principal and loan costs in the amount of 6,553 bitcoin (approximately $128 million) and 51,204 ether (about $70 million). Moreover, it will repay smaller sums in seven other tokens. According to the application, the loans must be repaid by September 30.

If all goes as planned, Voyager Digital will return to Alameda the tokens the company pledged as security for the loans — 4,650,000 in the FTX native token FTT (roughly $112 million) and 63,750,000 in the utility token SRM (roughly $49 million), issued by the decentralized exchange Serum.

Voyager is currently selling off its possessions following its Chapter 11 bankruptcy filing in New York in June. moreover, FTX and Alameda had made public a liquidity offer to Voyager creditors in July. This drew criticism from Voyager, which then charged Bankman-Fried’s firm with making “misleading or plain deceptive” assertions.

Voyager was one of the major firms to go underwater during the crypto crash of 2022. The firm had significant exposure to Terra. When Terra imploded, so did Voyager Digital. Along with Voyager Digital, Three Arrows Capital, Babel Finance, and Celsius were the worst hit companies due to their Terra exposure.

FTX and Alameda, on the other hand, have been acquiring, or attempting to acquire, the firms that went underwater in this crash. However, FTX and Alameda chief Bankman-Fried claims that it is all in the goodwill of the industry.