On the 30th of January, Alameda Research, a sister trading firm of the now-collapsed and bankrupt FTX, filed a new lawsuit against Voyager Digital, a bankrupt crypto broker, to recover around $445 million. Alameda Research was founded in 2017 by Sam Bankman-Fried, the founder and ex-CEO of FTX, which was once the biggest crypto exchange in the world and now is nothing. On the 11th of November 2022, when FTX filed for chapter 11 bankruptcy, it also emerged that the cryptocurrency exchange had lent its clients funds to support prop up Alameda Research.
FTX lawyers filed this latest lawsuit against Voyager Digital to recover funds on behalf of Alameda Research in the US Bankruptcy Court for the District of Delaware. The latest lawsuit relates o loans Voyager made to Alameda before its bankruptcy in July 2022. Voyager demanded repayment of all unpaid loans to Alameda. And according to the filing, these loans were fully repaid before FTX Alameda filed for its bankruptcy in November 2022.
In the filing, the crypto trading company wrote that the collapse of Alameda and its companions amid allegations that Alameda Research was privately borrowing billions of FTX-exchange assets is widely known. This was largely lost in the concentration paid to the alleged wrongdoing of Alameda. It now indicted the former leader has been the role played by Voyager and other cryptocurrency lenders who financed Alameda and fueled that alleged wrongdoing, the trading firm wrote.
Moreover, the filing reads that the business model of the bankrupt crypto lender Voyager Digital was that of a feeder fund. It solicited retail investors and invested their assets with no due diligence in cryptocurrency investment funds, such as Alameda and Three Arrows Capital. According to the filing, Voyager lent Alameda millions of dollars worth of crypto in 2021 and 2022. According to filed document, Alameda paid Voyager around $249 million in September and around $194 million in October. Moreover, in the filing, the lawyers argued that Alameda was also one of the shareholders of Voyager.