Last Updated: 24 October 2022
FTX is buying the estate of now-bankrupt Voyager. The latter is one of the lenders that failed to survive 2022. A combination of falling share prices and questionable business models became too much for Voyager.
My plans if FTX buys my account out from Voyager Digital https://t.co/KknC3STrLe
— ⚡Buy #Bitcoin & Chill ⚡ (@usd2btc) October 24, 2022
FTX is one of the largest US crypto exchanges. They are also one of the parties that prey on this kind of godsend.
A recovery plan is also underway. Votes can be cast by victims until 29 November. Voyager’s goal is clear: pay back as much as possible to creditors. Among those creditors are individuals but also large wealthy customers.
There were several parties in the race to take over Voyager. They indicate that FTX “by far” made the best bid. FTX plans to accommodate customers substantially. At least that is what managing director Sam Bankman-Fried states, “We are delighted with the approval, this way we can start working closely with the Voyager team to return the money to customers as quickly as legally possible.”
So there is still hope for those who lent their money to the company. At Voyager, for example, you could receive interest on your bitcoin.
The recovery plan reportedly involves reimbursing 72% of the money lost to customers. Should that actually happen, the damage has been relatively limited. At the same time, as a customer, you cannot count on this always happening. In most cases, creditors spend years trying to see any compensation at all.
FTX is obviously not doing this out of the goodness of their hearts. They apparently see added value in this acquisition.