Bankrupt crypto lender Voyager Digital said on Monday crypto exchange FTX has won an auction for its assets, in a bid valued at about $1.42 billion.

FTX's bid comprises of a fair market value of all Voyager cryptocurrency, at a to-be-determined date, which is estimated to be $1.31 billion at current market prices and an additional consideration estimated as providing about $111 million of incremental value, Voyager said in a statement.

The company added that its claims against hedge fund Three Arrows Capital will remain with the bankruptcy estate, which will distribute any available recovery on such claims to the estate's creditors.

Voyager issued a notice of default to the Singapore-based hedge fund in June, for its failure to make required payments on a loan of 15,250 bitcoin.

Earlier this year, Voyager spurned a bailout proposal from FTX, founded by billionaire Sam Bankman-Fried, as a "low-ball bid dressed up as a white knight rescue" and alleged the plan would disrupt its bankruptcy process.

Crypto lenders including Voyager boomed during the COVID-19 pandemic, luring depositors with high interest rates and easy access to loans rarely offered by traditional banks. However, the slump in crypto markets has hurt crypto companies and investors.

In its Chapter 11 bankruptcy filing in July, Voyager estimated that it had more than 100,000 creditors and between $1 billion and $10 billion in assets, as well as liabilities of the same value.

Last week, Voyager said its Chief Financial Officer Ashwin Prithipaul was preparing to step down from his role within months of his appointment at the crypto lender. (Reporting by Juby Babu and Shubhendu Deshmukh in Bengaluru; Editing by Rashmi Aich)