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The digital assets of insolvent crypto lender Voyager Digital LLC will be acquired by cryptocurrency exchange FTX US. FTX's proposal is valued at about $14.22 billion, according to a news statement issued by Voyager on September 26.

After many rounds of bidding in a two-week auction, FTX won the offer to purchase all of the cryptocurrency Voyager possessed. The assets FTX will buy from the insolvent crypto lender are expected to be worth $13.11 billion at current market levels, plus an additional $11 billion in consideration.

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FTX outbid other bidders, including Binance, who placed a slightly larger bid of roughly $50 million for Boayger's assets. Cross Tower and Wave Financial were also auction participants.

Deal subject to approval

The deal between FTX and Voyager will be presented for approval to the United States Bankruptcy Court for the Southern District of New York on Oct. 19, and the objection deadline for the deal is slated for Oct. 12.

Voyager explained that the FTX US platform will enable customers to resume trade and store crypto holdings following the conclusion of Voyager’s Chapter 11 cases.

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Voyager filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the Southern District of New York on July 6, citing volatile market conditions at the time. The firm estimated it had more than 100,000 credits, listed assets of between $1 billion and $10 billion, and liabilities worth the same value in the filing.

On July 1, the company suspended all trading, withdrawals, deposits, and loyalty awards.

The company claims that it has been undergoing a voluntary restructuring process via its Chapter 11 filing, which is “aimed at returning maximum value to customers.” It stated that Voyager is the best alternative for Voyager stakeholders after contemplating multiple bids and reorganization plans.