important point
- Celsius announced today that it has locked $1.3 million in FTX and has made a $13 million loan to Alameda Research.
- Voyager also said it has $3 million locked in FTX, but previously collected a loan from Alameda.
- Voyager will also re-auction assets that FTX successfully bid on during its own bankruptcy process.
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Celsius and Voyager, two of the biggest crypto bankruptcies of the summer, have revealed their exposure to FTX. This could dramatically reshape bankruptcy proceedings.
Celsius Locks $1.3M, Holds $13M Loan
Celsius reported FTX exposure today.
Company murmured On November 11th, it was revealed that 3.5 million SRM ($1.3 million) was locked in the FTX contract. It also said he has a $13 million unsecured loan to Alameda Research, backed by FTT tokens.
Celsius added that it was “closely monitoring” the event and maintaining communication with stakeholders. “Our commitment to maximizing stakeholder value remains our sole focus,” the company wrote in a statement.
The relationship between the two companies has grown even deeper, with FTX considering acquiring Celsius after the company froze its withdrawals in June, but decided against it after seeing the details of Celsius’ financial situation. Ironically, FTX suffered the same fate this week. Binance has withdrawn its own plans to bail out FTX after confirming the extent of the exchange’s losses.
FTX also considered bidding on Celsius assets that went to auction this fall. That auction has been postponed to his December and no winner has been announced.
Voyager has $3 million exposure
Voyager, meanwhile, announced that its own bankruptcy was affected by recent events. Voyager filed for bankruptcy in July, and in the months that followed, he auctioned $1.4 billion worth of assets.
FTX won that bid in September but did not complete the deal before the collapse this week. Voyager said FTX US only submitted a “good faith” $5 million deposit and that FTX did not transfer the auctioned assets.
Voyager asserted that the previous asset purchase agreement between the two companies was “no longer binding.” Therefore, the auction should be restarted. The company said it was “evaluating strategic options as a result of FTX Group’s Chapter 11 filing” and is in discussions with alternative bidders.
Voyager also said it had collected loans of 6,500 BTC ($110 million) and 50,000 ETH ($845 million) from Alameda Research, as first announced in September. Voyager said it has “no loans remaining with borrowers” at this time.
However, Voyager says it still has $3 million in crypto assets (mostly Terra (LUNA) and Serum (SRM) tokens) locked up in FTX contracts. This means Voyager is still exposed to failed companies.
Industry exposure still unknown
Other companies such as Circle, Tether and Coinbase have denied exposure to FTX. Animoca Brands, Bitvo and Silvergate allow minimal exposure.
More substantively, Genesis Trading is said $175 million locked in FTX, but market-making activity unaffected. Meanwhile, BlockFi suspends user activity, reveals $400 million in loan from FTX US Did.
Disclosure: At the time of writing, the author of this work owned BTC, ETH, and other digital assets.
