Bankruptcy judge signs off on $450M FTX-Voyager settlement
According to the terms of the deal, FTX will “relinquish any and all rights” to $450 million Voyager Digital has claimed from the crypto exchange.
A judge has granted a motion authorizing debtors for defunct cryptocurrency exchange FTX to enter a $450-million settlement agreement with bankrupt firm Voyager Digital.
In an April 29 filing in the United States Bankruptcy Court for the District of Delaware, Judge John Dorsey approved the terms of an agreement between FTX and Voyager, allowing the latter to settle all claims with the crypto exchange as part of a plan to compensate creditors. Both parties, subject to approval, will be able to agree that $5 million held in escrow by Voyager and an additional $445 million involved in a loan repayment lawsuit from Alameda Research will be released to the firm’s debtors. FTX will also “relinquish any and all rights” to the funds.
Paul Hage, the attorney responsible for representing Voyager Digital and its debtors, signed off on the deal, as did FTX restructuring officer and CEO John Ray III as of April 4. The settlement with FTX is one of many Voyager has been pursuing since the firm filed for bankruptcy in July 2022 amid a crypto market downturn.
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Author: Turner Wright
