Voyager Digital Ltd VYGVQ rejected an offer of Sam Bankman Fried-owned companies FTX and Alameda Search to jointly buy out the bankrupt company.

What happened: In a rejection letter filed on behalf of Voyager on July 24, attorneys for the firm said Alameda and FTX’s proposal is “highly misleading” and actually harms clients.

“The AlamedaFTX proposal is nothing more than a cryptocurrency sell-off on a basis that favors AlamedaFTX. It is a low offer disguised as a white knight bailout,” the lawyers said.

Voyager’s legal counsel also said it “seems clear” that the Alameda-FTX proposal was “designed to generate publicity for itself rather than value for Voyager’s customers.”

Why it matters: Last week, FTX and Alameda proposed a joint plan to provide bankrupt Voyager customers with a way to get quick liquidity and access to funds.

In order to make this possible, the companies said they would buy all crypto assets and loans from Voyager Digital, except for those made to Capital of the Three Arrows (3AC).

In a Twitter thread early Monday, Bankman-Fried said the offer would return 100% of the company’s remaining assets to Voyager customers, including any future claims recovered.

“Hopefully customers are allowed to choose it if they want to,” he said.

price action: The cryptocurrency market fell 1.5% in the past day to $1.01 trillion. At press time, Bitcoin BTC/USD was trading at $22,000, down 1.8% in the past 24 hours. Ethereum ETH/USD was trading at $1,523, down 2.47% and Dogecoin DOGE/USD was trading at $0.064, down 4.58% over the same period.