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.
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.
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.
https://twitter.com/investvoyager/status/1574582033363644416?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1574582033363644416%7Ctwgr%5Ef84eceab000d4af267c85ad82ee00803c8316f36%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ftwitter.trello.services%2Ftweets.html7B22secret223A22hsKEPSdy4Un3Mqd3LeQMoHMmQCOkNHR5iMbCtpJCy4TFPbPqisLEKnT9BIqqoz3C222C22context223A7B22version223A22build-178993222C22member223A2260597eaeb2d1b213ebb1b807222C22permissions223A7B22board223A22write222C22organization223A22read222C22card223A22write227D2C22organization223A2260fe1fbdb5fb7109a31d039b222C22board223A2261156304430c673037245e98222C22card223A2263325e55405be5004ff0ffcc222C22command223A22attachment-sections222C22plugin223A2255a5d917446f51777421000b227D2C22locale223A22en-US227D
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?