Defunct crypto hedge fund Alameda Research has sued bankrupt crypto lender Voyager Digital for $445.8 million.
Alameda is trying to recover the loan repayments it made to Voyager in the 90 days preceding its own bankruptcy, according to a court filing on Jan. 30.
Alameda filed for bankruptcy along with its sister company FTX in November 2022. Voyager had filed for bankruptcy in July.
The lawsuit filed in the Bankruptcy Court for the District of Delaware by lawyers of FTX alleges that Voyager “fueled” the alleged misuse of customer funds by Alameda — “either knowingly or recklessly.”
The lawsuit stated:
“Voyager’s business model was that of a feeder fund. It solicited retail investors and invested their money with little or no due diligence in cryptocurrency investment funds like Alameda and Three Arrows Capital.”
It added that Voyager lent cryptocurrencies worth “hundreds of millions of dollars” to Alameda in 2021 and 2022.
After its bankruptcy filing, Voyager demanded repayment of all its loans to the hedge fund, even before maturity dates, the lawsuit stated.
Alameda paid $3.2 million in interest to Voyager in August 2022, according to the court filing, The firm also paid Voyager $248.7 million in September 2022 and $190.5 million in October 2022 as a loan repayments and payments of $3.2 million in loan fees to Voyager.
Alameda has since repaid all loans to Voyager in full, according to the court filing.
As per the bankruptcy laws, these payments are eligible to be clawed back since they were made close to the bankruptcy of Alameda, the lawsuit states. The firm aims to use any reclaimed funds to pay back its creditors.
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