Sam Bankman- Fried, FTX's founder, has pursued an aggressive buying spree across the industry, snapping up deeply discounted assets in the wake of defaults, bankruptcies, and market tumult.
The total consideration for non-crypto assets in the deal is at least $111 million. The assets, intellectual property, and user base make up the lion's share of that amount. There is an accumulated $50 account credit for each user who successfully onboards with FTX and a $20 millionearn out allowance.
It was not immediately clear who would benefit from an earnout, which is often used in acquisitions as a way to reward management teams of the company being purchased.
According to the most recent report, the company had just shy of $900 million in assets for customers, with another $450.4 million lent out and $173.68 million held as security.
The pro rata distribution of Voyager assets would be given to users who migrated to FTX's platform.
The firm extended a loan valued at $670 million to Three Arrows Capital. When 3AC failed to make its loan payments in June, it triggered a financial cascade that led to the downfall of the company and its founder.
The 3AC loan, which was not part of the deal, would be transferred to FTX. FTX's assumption of customer assets and loan balances would represent a steep discount on the price of the claims.
There is a solvency crisis among thecryptocurrencies.
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