2024-04-30
FTX, the defunct cryptocurrency exchange, has agreed to relinquish all rights to the $450 million claimed by Voyager Digital as part of a settlement agreement.
The agreement, approved by Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware, allows Voyager to settle all claims with FTX and compensate its creditors.
Under the agreement, Voyager will receive $5 million held in escrow and an additional $445 million from a loan repayment lawsuit with Alameda Research. In return, FTX will renounce any claim to the funds.
The settlement is one of several that Voyager has pursued since filing for bankruptcy in July 2022.
In April, Voyager secured approximately $20 million from Three Arrows Capital and $14 million from Directors and Officers Insurance to reimburse its users.
A restructuring plan proposed in May 2023 indicated that Voyager customers could recover 35.7% of their claims.
Former Voyager CEO Stephen Ehrlich is currently facing parallel lawsuits from the U.S. Commodity Futures Trading Commission and the Federal Trade Commission for fraudulent statements.
