Defunct cryptocurrency hedge fund Alameda Research has sued bankrupt crypto lender Voyager Digital for $445.8 million.
Alameda is trying to recover repayments on the loan it made to Voyager in the 90 days before its own bankruptcy, according to a court file on January 30.
mall declared bankrupt together with its sister company FTX in November 2022. Voyager had archived for bankruptcy in July.
The lawsuit filed in Delaware District Bankruptcy Court by FTX attorneys alleges that Voyager “prompted” Alameda’s alleged misuse of client funds, “either knowingly or recklessly.”
The lawsuit stated:
“Voyager’s business model was that of a feeder fund. She solicited retail investors and invested their money with little to no due diligence in cryptocurrency mutual funds like Alameda and Three Arrows Capital.”
He added that Voyager lent “hundreds of millions of dollars” worth of cryptocurrency to Alameda in 2021 and 2022.
After filing for bankruptcy, Voyager demanded repayment of all of its loans to the hedge fund, even before their due dates, according to the lawsuit.
Alameda paid $3.2 million in interest to Voyager in August 2022, according to the court filing. The company also paid Voyager $248.7 million in September 2022 and $190.5 million in October 2022 as loan repayments and payments of $3.2 million in loan fees to Voyager.
Since then, Alameda has repaid all loans to Voyager in full, according to the court filing.
Under bankruptcy law, these payments are eligible to be recovered since they were made near Alameda’s bankruptcy, the lawsuit claims. The company aims to use the claimed funds to pay its creditors.
