Crypto Biz: The Voyager Digital auction is over. What now?
Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to the toxic Three Arrows Capital led to its ultimate downfall. This week, rumblings of a Voyager Digital auction surfaced, with Cointelegraph breaking the story on the afternoon of Sept. 26 after a reputable source confirmed the parties involved. A few hours later, a winner was announced — crypto exchange FTX US. But, not everyone is convinced that Voyager’s depositors will be taken care of.
This week’s Crypto Biz chronicles the bidders involved in the Voyager Digital auction. We also document the resignation of a disgruntled crypto boss and major funding plans from a blockchain-focused hedge fund.
Cointelegraph reported this week that crypto exchanges FTX, Binance and CrossTower were competing to acquire the assets of beleaguered crypto lender Voyager Digital. A few hours later, it was confirmed that FTX US had secured the winning bid for around $1.3 billion. The acquisition means that existing Voyager users can access funds through FTX US once the crypto lender’s Chapter 11 case concludes. Voyager is just one of several distressed crypto firms to implode during this year’s bear market. Its fate was tied to the catastrophic downfall of Three Arrows Capital, which failed to repay $650 million to the lender.
Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza
FTX US may have won the auction for Voyager’s assets, but the outcome didn’t serve depositors’ best interest, according to a Wave Financial representative. In an exclusive
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