White Knight or Low Baller?

• Voyager calls the deal “a low-ball bid, dressed up as a white knight rescue” and claims the proposal was made to generate publicity for FTX and Alameda, rather than value for Voyager customers.
• Voyager also claims that the way the proposal was made, via public press release, could damage a separate bidding process for the company that is occurring privately.
• They also claim that their restructuring plan did not cap customer claims like the FTX proposal and pointed out that the proposal includes destroying the Voyager token.
• FTX founder Sam Bankman-Fried responded to Voyager’s allegations via Twitter, saying that other companies were bidding $0.10 on the dollar, in which case a customer who previously held $100 worth of crypto on Voyager, would receive a $10 settlement, eventually.
• The FTX proposal would allow customers to automatically recover $75 if they set up an FTX account, and a portion of any funds recovered in the future.

There is no magic formula where a bankrupt company can give back 100% of user funds, regardless of who purchases them, but it is unheard of to let customers claim any funds immediately.  As far as customers are concerned, this proposal may be the most tempting offer on the table.