Key Takeaways
- Celsius stated at the moment that it has $1.3 million locked with FTX and $13 million of loans to Alameda Analysis.
- Voyager additionally stated that it has $3 million locked with FTX however recalled its loans from Alameda earlier.
- Voyager can even re-auction belongings that FTX efficiently bid upon throughout its personal chapter course of.
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Two of this summer season’s largest crypto bankruptcies—Celsius and Voyager—have revealed publicity to FTX, which might dramatically restructure their chapter proceedings.
Celsius Has $1.3M Locked, $13M Loans
Celsius reported publicity to FTX at the moment.
The corporate tweeted on November 11 that it has 3.5 million SRM ($1.3 million) locked in FTX contracts. It additionally stated that it has $13 million of undercollateralized loans to Alameda Analysis, that are backed by the FTT token.
Celsius added that it has been “intently monitoring” occasions and stated that it stays in communication with stakeholders. “Our work to maximise stakeholder worth continues as our singular focus,” it wrote in its assertion.
Ties between the businesses run deeper: FTX thought-about buying Celsius after the corporate froze withdrawals in June however canceled that deal after seeing particulars of Celsius’ finance. Satirically, FTX suffered the identical destiny this week as Binance reversed its personal plans to rescue FTX as soon as it noticed the extent of the alternate’s losses.
FTX additionally thought-about bidding on Celsius’ belongings, which went up for public sale this fall. That public sale has been delayed to December, and no winner has been introduced.
Voyager Has $3M Publicity
Voyager, in the meantime, announced that its personal chapter had been affected by latest occasions. Voyager filed for chapter in July and auctioned $1.4 billion price of belongings within the following months.
FTX received that bid in September however didn’t full the deal earlier than its personal collapse this week. Voyager stated that FTX US has submitted solely a “good religion” deposit of $5 million and that FTX has not transferred the auctioned belongings.
Voyager affirmed that the sooner asset buy settlement between the 2 corporations “is now not binding.” As such, it might want to re-open the public sale: the corporate stated it’s “evaluating strategic choices because of the Chapter 11 submitting by FTX Group” and is in dialogue with various bidders.
Voyager additionally stated it recalled loans of 6,500 BTC ($110 million) and 50,000 ETH ($845 million) from Alameda Analysis, as initially introduced in September. Voyager stated it has “no loans excellent with any borrower” at the moment.
Nevertheless, Voyager says it nonetheless has $3 million of crypto—principally Terra (LUNA) and Serum (SRM) tokens—locked in contracts at FTX. Because of this Voyager nonetheless has some publicity to the failed firm.
Business Publicity Nonetheless Unclear
Different corporations, together with Circle, Tether, and Coinbase, have denied publicity to FTX. Animoca Manufacturers, Bitvo, and Silvergate have admitted minimal publicity.
Extra considerably, Genesis Buying and selling has said that it has $175 million locked with FTX however that it might not influence its market-making actions. BlockFi, in the meantime, has suspended person exercise and disclosed a $400 million mortgage from FTX US.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different digital belongings.
