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Celsius, Voyager Present FTX Exposure

Celsius, Voyager Present FTX Exposure

Key Takeaways

  • Celsius acknowledged on the original time that it has $1.3 million locked with FTX and $13 million of loans to Alameda Analysis.
  • Voyager also acknowledged that it has $3 million locked with FTX nonetheless recalled its loans from Alameda earlier.
  • Voyager will also re-auction resources that FTX efficiently show upon all the intention in which via its acquire monetary waste direction of.

Two of this summer season’s excellent bankruptcies in the crypto industry—Celsius and Voyager—gain printed publicity to FTX, which could presumably presumably dramatically restructure their monetary waste lawsuits.

Celsius Has $1.3M Locked, $13M Loans

Celsius reported publicity to FTX on the original time.

The company tweeted on November 11 that it has 3.5 million SRM ($1.3 million) locked in FTX contracts. It also acknowledged that it has $13 million of undercollateralized loans to Alameda Analysis, that are backed by the FTT token.

Celsius added that it has been “carefully monitoring” events and acknowledged that it stays in conversation with stakeholders. “Our work to maximise stakeholder payment continues as our singular focal point,” it wrote in its assertion.

Ties between the companies poke deeper: FTX regarded as buying Celsius after the corporate iced up withdrawals in June nonetheless canceled that deal after seeing particulars of Celsius’ finance. Ironically, FTX suffered the identical fate this week as Binance reversed its acquire plans to rescue FTX once it noticed the extent of the change’s losses.

FTX also regarded as bidding on Celsius’ resources, which went up for auction this autumn. That auction has been delayed to December, and no winner has been announced.

Voyager Has $3M Exposure

Voyager, in the period in-between, announced that its acquire monetary waste had been plagued by most novel events. Voyager filed for monetary waste in July and auctioned $1.4 billion price of resources in the following months.

FTX acquired that show in September nonetheless did no longer full the deal before its acquire crumple this week. Voyager acknowledged that FTX US has submitted excellent a “factual faith” deposit of $5 million and that FTX has no longer transferred the auctioned resources.

Voyager affirmed that the earlier asset hang agreement between the two companies “is now no longer binding.” As such, this could presumably have to re-originate the auction: the corporate acknowledged it is “evaluating strategic choices as a outcomes of the Chapter 11 filing by FTX Community” and is in dialogue with change bidders.

Voyager also acknowledged it recalled loans of 6,500 BTC ($110 million) and 50,000 ETH ($845 million) from Alameda Analysis, as on the beginning announced in September. Voyager acknowledged it has “no loans eminent with any borrower” at present.

Nonetheless, Voyager says it silent has $3 million of crypto—largely Terra (LUNA) and Serum (SRM) tokens—locked in contracts at FTX. This intention that Voyager silent has some publicity to the failed company.

Industry Exposure Composed Unclear

Diverse companies, in conjunction with Circle, Tether, and Coinbase, gain denied publicity to FTX. Animoca Manufacturers, Bitvo, and Silvergate gain admitted minimal publicity.

More seriously, Genesis Procuring and selling has acknowledged that it has $175 million locked with FTX nonetheless that it could most likely perchance presumably presumably no longer impact its market-making actions. BlockFi, in the period in-between, has suspended particular person process and disclosed a $400 million loan from FTX US.

Disclosure: At the time of writing, the author of this half owned BTC, ETH, and other digital resources.

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