FTX lawyers claim that Voyager Digital was complicit in its own collapse by “knowingly or recklessly” channeling customer funds to Alameda.
Embattled crypto investment firm Alameda Research is suing bankrupt crypto lender Voyager Digital in an effort to claw back loan repayments that FTX made before it collapsed in November.
Lawyers managing the FTX and Alameda bankruptcy case sued Voyager for $445.8 million in a Delaware court on Jan. 30.
While both companies filed for bankruptcy in 2022, Voyager’s Chapter 11 filing came four months earlier, in July. Following Voyager’s filing, the crypto lender demanded repayment of all outstanding loans to FTX and its affiliate investment firm, Alameda.
According to FTX lawyers filing on behalf of Alameda, these loan repayments are eligible to be clawed back as they were made so close to FTX and Alameda’s own bankruptcy in November.
FTX claims it paid Voyager $248.8 million in September and $193.9 million in October. The exchange also made a $3.2 million interest payment in August, according to the court filings.
FTX acknowledged allegations that Alameda used FTX customer deposits for its risky investments but added that Voyager and other crypto lending firms were also complicit, “knowingly or recklessly” funneling customer funds toward Alameda with “little or no due diligence.” It stated:
“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.”
The embattled crypto exchange hopes to repurpose any reclaimed funds to repay some of its creditors.
FTX had planned to buy Voyager out of bankruptcy before its collapse in November.
Related:Which tokens could FTX dump on the market?
In a separate development, FTX has asked the court to exclude two of its Turkish subsidiaries from the bankruptcy proceedings.
In a motion filed on Jan. 27, the company has asked for the exclusion of FTX Turkey and SNG Investments, as it believes U.S. courts have no jurisdiction in the country and customers had already begun private claims against the company.
“The orders entered by this Court do not have legal or practical effect in Türkiye and the Debtors have no reason to believe that the Turkish government will comply with this Court’s orders,” the filing stated.