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Voyager: As FTX.US acquires all assets, the future of VGX still remains a mystery 

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Source: Unsplash


The crypto brokerage and lender Voyager Digital faced severe tides since it filed for bankruptcy proceedings on 6 July 2022. Impacted by the collapse of Three Arrows Capital (3AC), Voyager Digital, in a 22 June press release, informed its users of its 15,250 BTC and $350 million investment exposure to 3AC.

But could the sail see a ‘peaceful’ voyage now that the platform found a place to call home?

Bon Voyage

VGX, the native token of the failed crypto brokerage firm Voyager Digital, rallied by 20% during the intraday trading session. At the time of writing, the token traded around the $0.7 mark after witnessing a fresh surge on CoinMarketCap.

Source: CoinMarketCap

Meanwhile, the token saw significant trading activity ongoing at press time. The trading volume for the VGX token was up by more than 50% in the last 24 hours. At press time, the trading volume reached around the 45 million mark.

Source: Santiment

VGX’s daily active addresses too saw a similar picture on the same platform. Indeed a steep incline after the network fell by 88% in August. Apart from this, crypto twitter showcased some affection as well as bullish projections on Twitter to mark the uprise.

But what really helped the cause?

A place to call HOME

As per the previous report, Voyager confirmed that it had received multiple bids for its assets as part of its restructuring process. Finally, we have a winner as confirmed by the crypto lender platform on the social media platform.

FTX, one of the largest exchanges, won the auction for the assets of bankrupt crypto brokerage Voyager Digital Ltd. with a bid of around $1.4 billion, Voyager announced on 27 September. The bid also included “additional consideration that is estimated as providing approximately $111 million of incremental value,” according to official press release.

“FTX US’s bid maximizes value and minimizes the remaining duration of the Company’s restructuring by providing a clear path forward for the Debtors to consummate a chapter 11 plan and return value to their customers and other creditors,” said the statement.

Now, the proposal is subject to court approval processes, including a creditor vote. A hearing on the matter is slated for 19 Oct0ber at 4 p.m. EST.

Having said that, one question arises: what’s the future look like for the VGX token now?

 

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.