\u201cCustomers of Voyager would have the opportunity to start a new account with FTX with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims. Customers would be able to withdraw their cash immediately, or use it to purchase digital assets on the FTX platform.\u201d<\/em><\/p>\n Voyager recently filed<\/a> for bankruptcy earlier this month, citing a massive $650 million loan default by embattled crypto hedge fund Three Arrows Capital.<\/p>\n FTX CEO and founder Sam Bankman-Fried says the purpose of the proposal is to establish a better way for Voyager to deal with its insolvency.<\/p>\n \u201cVoyager\u2019s customers did not choose to be bankruptcy investors holding unsecured claims. <\/em><\/p>\n The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business \u2013 a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks.\u201d <\/em><\/p>\n Bankman-Fried, who is on a mission to prop up struggling firms in the space, previously stated<\/a> that the crypto market\u2019s overall health could impact its popularity.<\/p>\n \u201cYou could say look, it\u2019s being healthy that would cause it to be popular. Ultimately, it\u2019s the popularity that would matter but there\u2019s a flow-through from health there, which is sort of the operative thing. I think there\u2019s also just a thing of like, we need to be a good constructive factor in this space.\u201d <\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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