• Voyager auction leaders are Binance and FTX

  • The cryptocurrency exchanges FTX and Binance are leading the bidding for the troubled crypto-lender Voyager.

    Six days into the Voyager sale, no bid has been accepted. The auction for Voyager started last week in the Kirkland & Ellis law offices. Today’s report claims that Binance made a proposal for the platform’s assets worth about $50 million. The sources claim that’s a little higher offer than FTX.

    The bidding procedure has not yet received an update from bankruptcy lawyers, who have merely stated that it is still in progress. Bidders may submit a range of proposals, from the straightforward purchase of Voyager’s assets to an effort to restructure and revive the company.

    Voyager hasn’t made its ideal proposal widely known, but it objected when FTX announced its intention to give consumers early access to liquidity, claiming the exchange had violated the secrecy requirements of the bidding process. At the time, legal counsel referred to it as a lowball offer and tried to discredit FTX’s status as a front-runner for the platform.

    In the meantime, rumors have been circulating that Binance is encountering some resistance to its offer because of worries that the U.S. government would object to its attempt to acquire the platform.

    The auction winner will be revealed at a hearing on September 29.

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