The crypto exchange, FTX, has decided to help a sinking market player, Voyager. FTX CEO Sam Bankman-Fried offered Voyager a rescue plan that could help the latter save its sinking ship. Voyager ceased user transactions on July 1. However, clients may have the opportunity to withdraw their funds and get their investments back.

Sailing soon?

Voyager Digital customers finally have a rescue plan on the map with FTX’s latest offering. Under this proposal, customers would have the option to initially recover part of their blocked amounts. They will be asked to open new accounts on the FTX platform and can withdraw the funds immediately. They can even use the money to trade digital assets on the FTX trading site.

The three companies involved in the proposed lifeline have been linked to Sam Bankman-Fried. They are FTX Trading (which operates the crypto exchange, West Realm Shires (the parent company of FTX US) and Alameda Ventures (the venture arm of Bankman-Fried’s Alameda Research).

“Voyager customers did not choose to be bankruptcy investors with unsecured claims. The goal of our joint proposal is to find a better way to resolve an insolvent crypto venture – one that allows clients to obtain early liquidity and reclaim some of their assets without losing them. to speculate on bankruptcy results and take unilateral risks,” said Bankman-Fried.

Despite the offer, FTX has claimed to stay away from all Voyager’s 3AC-related debt. Voyager customers “can continue to pursue Three Arrows Capital for additional chargebacks,” according to FTX Trading. Alameda will also write off its own $75 million loans as part of the agreement. In addition, the transaction costs are waived for the customers for a month.

Tap… tap…

Despite FTX trying to plan the entire process for a smoother transition, the plan must be approved by a bankruptcy court before being accepted by Voyager. In addition, the three companies have requested Voyager’s initial response in a joint letter by July 26. This allows FTX to have the documents ready by July 30th. Time is of the essence for Voyager and a decision must be made immediately. This is further attributed to the social media uproar from stranded investors who are still waiting for the funds.

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