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Binance to relaunch bid to buy bankrupt Voyager Digital, report claims

Voyager Digital logo and decreasing stock graph are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations
Binance is relaunching its bid to buy bankrupt crypto lender Voyager Digital, a report claims. Illustration: Dado Ruvic/Reuters

Binance is relaunching its bid to buy bankrupt crypto lender Voyager Digital, a report claims.

A person familiar with Binance's plans claimed that the exchanges' US arm, Binance.US, is preparing to bid for bankrupt lending platform Voyager Digital, according to a report by Coindesk.

Bankrupt cryptocurrency exchange FTX won a bid to acquire the company earlier this year, but on Wednesday Voyager said in a tweet that the proposed sale would not move forward and that it is now resuming active discussions with several alternate bidders.

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After the crypto crash caused by the collapse of Terra's USDT/ Luna stablecoin project in May 2022, FTX emerged as a 'white knight' of the industry.

The now beleaguered exchange won out against all rivals to acquire distressed companies who were floundering after the Terra/Luna collapse.

In September, FTX had won Voyager's assets in a $1.42bn bid at auction.

At the time Binance also bid to acquire Voyager's assets, but they were eliminated from the acquisition race due to national security concerns.

Binance do not want to be the new 'white knight' of crypto, and their chief communications officer Patrick Hillmann stressed to crypto-news outlet Coindesk that the motivation is just business.

Hillmann said: “There are no Luke Skywalkers or Darth Vaders in business.

"This is a company, with the most to lose as it's market leader, looking around to see where we can help bolster the industry through a black swan event.”

The collapse of FTX, which filed for bankruptcy last week following a liquidity crunch, has impacted nearly one million customers and several investors as they faced billions of dollars in losses.

Blue chips at the top of the cryptocurrency market have risen in value over the past week.

Bitcoin (BTC-USD) is up over 5% in value over the past seven days, to a subdued $16,575 and ethereum (ETH-USD) is up 10% in the past week to $1,198. Dogecoin has seen a rise of nearly 15% over the past week to $0.085.

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