The crypto brokerage and lender Voyager Digital confronted extreme tides because it filed for chapter proceedings on 6 July 2022. Impacted by the collapse of Three Arrows Capital (3AC), Voyager Digital, in a 22 June press release, knowledgeable its customers of its 15,250 BTC and $350 million funding publicity to 3AC.
However might the sail see a ‘peaceable’ voyage now that the platform discovered a spot to name dwelling?
Bon Voyage
VGX, the native token of the failed crypto brokerage agency Voyager Digital, rallied by 20% through the intraday buying and selling session. On the time of writing, the token traded across the $0.7 mark after witnessing a recent surge on CoinMarketCap.
In the meantime, the token noticed vital buying and selling exercise ongoing at press time. The buying and selling quantity for the VGX token was up by greater than 50% within the final 24 hours. At press time, the buying and selling quantity reached across the 45 million mark.
VGX’s day by day lively addresses too noticed an identical image on the identical platform. Certainly a steep incline after the community fell by 88% in August. Aside from this, crypto twitter showcased some affection in addition to bullish projections on Twitter to mark the uprise.
However what actually helped the trigger?
A spot to name HOME
As per the earlier report, Voyager confirmed that it had obtained a number of bids for its property as a part of its restructuring course of. Lastly, we have now a winner as confirmed by the crypto lender platform on the social media platform.
In the present day, after a aggressive public sale aimed toward returning most worth to prospects, @FTX_Official US was chosen as the very best and greatest bidder. Press launch linked beneath. Extra details about what this settlement means for patrons to comply with.https://t.co/OmOd7pvSza
— Voyager (@investvoyager) September 27, 2022
FTX, one of many largest exchanges, received the public sale for the property of bankrupt crypto brokerage Voyager Digital Ltd. with a bid of round $1.4 billion, Voyager introduced on 27 September. The bid additionally included “extra consideration that’s estimated as offering roughly $111 million of incremental worth,” in accordance with official press release.
“FTX US’s bid maximizes worth and minimizes the remaining period of the Firm’s restructuring by offering a transparent path ahead for the Debtors to consummate a chapter 11 plan and return worth to their prospects and different collectors,” mentioned the statement.
Now, the proposal is topic to court docket approval processes, together with a creditor vote. A listening to on the matter is slated for 19 Oct0ber at 4 p.m. EST.
Having mentioned that, one query arises: what’s the long run seem like for the VGX token now?