FTX and Alameda Ventures want to offer Voyager Digital customers a chance to start a new FTX account with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims, FTX announced in a statement Friday. To accomplish this, Alameda Ventures said it would like to buy all Voyager digital assets and digital asset loans, with the exception of loans to Three Arrows Capital (3AC). 

A letter from an FTX and Alameda Ventures legal representative explained that Voyager Digital customers who did not choose to create an FTX account would retain their rights in the bankruptcy proceedings, but would not receive early reimbursement. Accepting the offer would protect Voyager Digital clients from the depreciation of the crypto assets they currently do not have access to, as reimbursement for their digital assets will be based on their value on July 5.

After setting up an FX account, Voyager Digital clients would be able to continue trading their crypto or cash out their accounts immediately. FTX co-founder and CEO Sam Bankman-Fried said:

“The goal of our joint proposal is to help establish a better way to resolve an insolvent crypto business — a way that allows customers to obtain early liquidity and reclaim a portion of their assets without forcing them to speculate on bankruptcy outcomes and take one-sided risks.”

In addition to buying Voyager Digital’s digital assets and digital asset loans at market value, FTX would acquire all its customer information for a payment of $15 million and receive trademarks and other intellectual property as well. FTX would also write off its $75 million loan claim against Voyager Digital.

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FTX is asking Voyager Digital to respond to the offer by Tuesday, with an eye to receiving expedited approval from the bankruptcy court and closing the deal by August 17. 3AC funds would still be liable to recovery by Voyager Digital, and its customers would receive separate reimbursement independently of their deals with FTX.