Estates of bankrupt crypto lender Voyager and crypto exchange FTX have reached an interim agreement to settle their dispute over $445 million in disputed loan payments, according to court filings on Wednesday.
The trading arm of FTX, Alameda Research, filed a lawsuit in January to retrieve some of the loan repayments made to Voyager before its bankruptcy filing. As per the agreement, Voyager will hold onto the disputed funds until the court order or a final settlement is reached.
In the January filing, Alameda requested the court to award it “no less than $445.8 million (plus the value of any additional avoidable transfers Plaintiff learns,” and any additional fees incurred.
The interim agreement also requires the Voyager estate to hold another $5 million deposit from FTX without use or distribution until ownership of the deposit is litigated in the New York Bankruptcy Court and decided by settlement or a final and unappealable order, including any appeals therefrom.
During the Wednesday court hearing, lawyers for Voyager confirmed that they are working on a plan to sell the bankrupt lender’s assets to Binance’s U.S. arm. The sale has received support from 97% of the creditors.