Digital asset exchange FTX will now acquire the assets of bankrupt cryptocurrency brokerage Voyager Digital Ltd.

FTX took over the assets after winning an auction with a bid of around $50 million, the information was shared by people familiar with the matter.

The digital asset exchange is controlled by billionaire Sam Bankman-Fried.

The purchase came after several previous attempts by FTX to bail out or acquire Voyager, according to Bloomberg.

New York-based Voyager had about 3.5 million users at the end of March and 1.19 million funded accounts.

Former Wall Street Journal reporter Liz Hoffman broke the news on Twitter about FTX winning the auction and acquiring Voyager. He also shared pricing details, citing people he did not identify.

“Crypto Exchange FTX is the winning bidder for bankrupt crypto lender Voyager, a person familiar said. Purchase price is ~$50M, but could eventually double if AUM and other milestones are reached,” he tweeted.

Voyager filed for bankruptcy in July. She did so after a failed attempt by Alameda Research to bail him out with a revolving line of credit. Alameda Research is an affiliated trading house of FTX.

Shortly after that attempt, FTX and Alameda revealed a joint bid for Voyager. However, Voyager called it a “low” offer and rejected the attempt. While in September, Alameda said that it will pay back around $200 million worth of Bitcoin and Ether that it had borrowed from Voyager by the end of the month.

In addition to Voyager, Bankman-Fried has bought several struggling crypto companies, through which it has obtained customers and valuable technologies at a cheaper price.

Bankman-Fried is estimated to own more than 50% of FTX, 70% of FTX US and nearly all of Alameda.

Crypto platform BlockFi also came under FTX’s acquisition radar earlier this year, along with a possible acquisition of Robinhood Markets Inc., where Bankman-Fried owns a stake.

According to a source, FTX is in the process of raising a $1 billion funding round. The deal has not yet been closed or made public, the source familiar with the deal added.

Negotiations are reportedly ongoing and confidential, with the company raising up to $1 billion to maintain the previous $32 billion valuation, but terms could change, according to sources.

As Blockchain.News reported on Feb. 1, FTX Derivatives Exchange concluded its Series C funding round, raising $400 million to increase its valuation to $32 billion. Current existing investors include Singapore’s Temasek, SoftBank’s Vision Fund 2 and Tiger Global.

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