Bankman-Fried’s Alameda Joins Chorus Objecting to Binance Voyager Buy
Alameda Research, FTX’s defunct trading arm, has joined the list of protesters against a plan by rival
The transaction has already been opposed by the U.S. Securities and Exchange Commission, which demanded more information on how
The Binance US plan, set out in December, “unfairly discriminates against” Alameda’s claims, and breaches provisions of the U.S. bankruptcy code that says no junior creditors can be repaid until higher-priority claims have been settled in full, said the legal filing, calling for the Southern District of New York court to deny approval.
The filing, made by Andrew G. Dietderich of Sullivan & Cromwell, the law firm representing the FTX group, said that Alameda is a “substantial shareholder” of Voyager. Under a rescue plan made in June, Alameda offered the collapsing Voyager $200 million and 15,000 bitcoin (BTC), of which $75 million in stablecoins still outstanding as of the date of bankruptcy, the filing said.
FTX and Alameda declared bankruptcy November 11 after revelations published in CoinDesk concerning the relationship between the two supposedly separate companies. Former FTX chief executive Sam Bankman-Fried has been charged with multiple crimes including money laundering and conspiracy to commit wire fraud, to which he has pleaded not guilty.
A hearing on the issue will be held January 10, the filing said.
Read more: SEC Files Limited Objection to Binance.US’s $1B Deal for Voyager Assets
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