SBF, the young crypto billionaire and the CEO of FTX and Alameda Research, has started criticising Voyager Digital's bankruptcy process and even proposed that it should return customer assets. Since the Voyager has rejected SBF's bailout offer, things are not right between them.

Issue With Bankruptcy Process

     According to the SBF, the accumulated assets are gradually destroyed as bankruptcy consultation fees over a protracted process because beneficiary consultants will intentionally prolong it, and the depositor will then only receive the remaining funds. SBF used "Mount Gox" example for explaining of how things typically go wrong before clients receive their assets back.

The SBF Approach

     According to SBF, Voyager should use the assets that customers deposit with it to return to the depositors rather than spending the money on bankruptcy counsellors. The remaining funds may then be given back to clients after being taken from 3AC. To ensure that depositors receive their full deposits, this process should be carried out without any deductions.

Effect - SBF has made his point so convincingly that most people agree with him, even though they also wish to receive their assets back in cryptocurrency rather than cash to avoid paying taxes and other fees.

Thoughts

     This is also SBF's fault, as he consistently tried to acquire Voyager. But for the time being, consumers ought to concentrate on getting their assets back.