Crypto investment firm Alameda Research is suing bankrupt crypto lender Voyager Digital in an attempt to recoup repayments owed to FTX before it collapsed in November.
The attorneys handling the FTX bankruptcy case and Alameda sued Voyager for $445.8 million in a Delaware court on January 30.
While both companies are filing for bankruptcy in 2022, Voyager’s Chapter 11 filing came four months earlier in July. Following Voyager’s Chapter 11, the crypto lender demanded repayment of all outstanding loans to FTX and its affiliated investment firm Alameda Research.
According to FTX attorneys who filed on Alameda’s behalf, the debt payments were eligible for reinstatement because they were close to 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 court filings.
FTX acknowledged allegations that Alameda used FTX customer deposits for risky investments, but added that Voyager and other crypto lending companies were also involved, “knowingly or recklessly” channeling customer funds to Alameda with “little or no due diligence.” It states:
“Voyager’s business model is a feeder fund. It solicits retail investors and invests little or no money in cryptocurrency investment funds like Alameda and Three Arrows Capital.
The embattled crypto exchange hopes to re-use the funds it claimed to repay some of its creditors.
FTX had planned to buy Voyager out of bankruptcy before it collapsed in November.
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In a separate development, FTX asked the court to exclude two of its Turkish subsidiaries from bankruptcy proceedings.
In a motion filed on January 27, the company asked for the exemption of FTX Turkey and SNG Investments because it believes that US courts do not have jurisdiction in the country and that customers have started private lawsuits against the company.
“The order passed by this Court has no legal or practical effect in Türkiye and the Debtors have no reason to believe that the Turkish government will comply with this Court’s order,” the filing said.