A court has ordered cryptomarket maker Alameda Research to return $200 million worth of cryptocurrencies it borrowed from Voyager Digital.
Voyager had asked Alameda to repay the loan, which has now been granted by a New York bankruptcy court, according to the legal filing. He revealed that Alameda was obligated to pay around 6,553 Bitcoin for principal and accrued fees, along with around 51,000 Ethereum, by September 30.
As a result, the filing showed that Voyager would return the favor by returning the loan-related collateral, which includes 4.65 million FTT and 63.75 million SRM tokens.
Earlier in July, Alameda said it would be “happy to come back the Voyager loan” in exchange for its guarantee.
Alameda and FTX
Alameda was founded by crypto billionaire Sam Bankman-Fried, who also created and operates the FTX cryptocurrency exchange.
Amid Voyager’s bankruptcy proceedings over the summer, Bankman-Fried Enterprises made an offer to buy its assets at market value, except for the loans it had made to Three Arrows. Capital.
Despite being plagued by insolvency, Voyager rejected the proposal, calling it a “low-ball” offer. Meanwhile, an auction for Voyager’s residual holdings began on September 13.
Last month, FTX absorbed Alameda’s venture capital operations into its own venture capital fund. The fund manager said that the crypto exchange, venture capital arm, and Alameda all operate independently of each other.
While Bankman-Fried also highlighted the independence of the world’s second-largest crypto exchange and booming market maker, the growing importance of each in their respective roles in the market raises questions about conflicts of interest.
Larry Tabb, head of market structure research at Bloomberg Intelligence, believes that exchanges and market makers with close ties and financial interests are “not conducive to being a fair market.” According to Tabb, “when you consolidate and decompress divisions, you get inherent conflicts.”
And Twitter user @FatmanTerra went further awaysuggesting that Alameda’s bitcoin-denominated loans from Voyager have coincided with every major market dump in recent months.
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