Binance US, Alameda, Voyager Digital and SEC — the ongoing court saga
Over the last year, a series of court cases have struck the crypto industry. Bankruptcy, liquidity issues and fraud have caused the industry to fall under the microscope of regulators around the world.
The former cryptocurrency brokerage company Voyager Digital, Alameda Research - the investment arm of FTX- and cryptocurrency exchange Binance have been among some of the major entities dealing with the United States Securities and Exchange Commission in the battle over assets and owed funds.
As the new year has continued on, so have many of these cases. Here is a brief round-up of the current status of some of the industry’s most pressing legal battles.
The situation around Voyager Digital began way before the FTX liquidity crisis came to light. On July 5, 2022, the company filed for bankruptcy in its initial attempt to “return value” to more than 100,000 customers who lost millions in funds at the hands of the crypto broker.
Nearly a month after its bankruptcy filing, it became known that Voyager had “deep ties” to Alameda Research. Alamada was also the largest stakeholder in Voyager, with an initial 11.56% stake in the company after two investments that totaled $110 million.
The auction for Voyager’s assets began on Sep. 13, which saw some of the industry’s major players vying for their share of what was left of the company. This included the likes of Binance, CrossTower and FTX.
Related: Gensler’s approach toward crypto appears skewed as criticisms mount
Ultimately the auction was won by FTX through a $1.4 billion bid on the company’s assets. At the time, it was said that Voyager customers could recover 72% of their assets via the FTX deal - similar to what is currently being said by some involved with the
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