Voyager creditors subpoena more executives from FTX and Alameda
- Voyager creditors have summoned top executives from FTX and Alameda Research to a deposition on 23 February.
- A decline in buying pressure for VGX will result in a further price decline.
In a new court filing, the unsecured creditors’ committee of Voyager Digital has issued subpoenas to top executives from FTX and Alameda Research.
This comes two weeks after the bankruptcy administrators issued similar summons to founder and former CEO Sam Bankman-Fried, former Alameda chief Caroline Ellison, FTX co-founder Gary Wang and the exchange’s head of product, Ramnik Arora.
In the latest court filing, the summoned executives are expected to appear for depositions on 23 February. The newly issued series of subpoenas form part of efforts by Voyager’s creditors toward investigating FTX’s efforts to bail out the crypto lender when it went bankrupt in July 2022.
VGX holders continue to revel in pain
At press time, VGX exchanged hands at $0.5164. Despite experiencing a 71% increase in value year-to-date as a result of the overall market rally, the token’s worth has plummeted by more than 50% following Voyager’s bankruptcy announcement in July 2022.
With lingering uncertainty about the exact date when investors and users of the bankrupt crypto lender will be made whole, VGX has been trailed by negative sentiments since 1 December 2022.
Data from on-chain data provider Santiment showed the token’s weighted sentiment to be pegged at -0.152 at press time.
Moreover, holders continue to log losses despite the recent rally in the alt’s price in the last month. Per data from Santiment, since Voyager declared bankruptcy seven months ago, VGX’s MVRV ratio has been negative.
The latest price growth did not change that. At press time, VGX’s MVRV ratio was -90.88%.
When a crypto asset’s MVRV is less than zero, it implies that the average investor who holds that particular cryptocurrency is making a loss on their investment.
This means that the current market price of the cryptocurrency is below the average cost at which investors acquired the coins. In other words, the market is bearish, and the selling pressure is high.
In the short term, expect this
Sharing a statistically significant positive correlation with Bitcoin [BTC], an assessment of VGX’s performance on the daily chart revealed that the alt’s price was impacted by the drawback in the king coin’s price.
A look at the token’s Moving average convergence/divergence (MACD) revealed the commencement of a new bear cycle on 6 February. Since then, VGX’s price has fallen by 4%, according to CoinMarketCap.
Is your portfolio green? Check out the VGX Profit Calculator
A price decline is often precipitated by an initial fall in buying pressure, which was what happened in VGX’s case. The token’s Chaikin Money Flow (CMF) breached the center line in a downtrend to be spotted at -0.42 at press time.
When an asset’s CMF is negative, it suggests that the selling pressure on the asset is high, as the money flowing out of the asset is greater than the money flowing into it.
A continued decline in buying pressure combined with negative investors’ sentiment will result in a further fall in VGX’s price in the meantime.