FTX Sends 50,000 Ethereum to Voyagar, FTX Token Witnesses Pump and Dump

In a recent report, FTX sent 50,000 Ethereum worth about $65 million to Voyager Digital’s main wallet. Alex Svanevik, CEO of Nansen, a blockchain analytics firm, confirmed the deal. Tweet.

Some crypto companies have suffered bankruptcy due to the crypto winter. This bear market has pushed some cryptocurrency companies out of the industry. Some companies have slashed headcount and others have closed operations. Coinbase is one of the companies that cut 20% of its workforce due to liquidity issues.

However, among the companies that later ceased operations is Voyager Digital. A source said the company has suspended all transactions on its platform, including withdrawals, deposits and rewards. It also filed for Chapter 11 bankruptcy in July.

Voyager opened the doors of its asset auction last month, with FTX emerging as the winner. By beating rival Binance, FTX acquired Voyager assets worth around $1.4 billion. The company then transferred some of the funds to a cryptocurrency lending company.

FTX Transfers 50K Ethereum Without Court Approval

Voyager Digital recently declared an auction to sell its assets, attracting several companies, including cryptocurrency exchange Binance. However, FTX US outdid himself on Sept. 26, winning the acquisition of Voyager assets.

FTX US will receive $1.4 billion worth of crypto assets to close the acquisition. Voyager plans to present her asset purchase agreement with FTX US for the necessary approvals. The presentation was scheduled to be filed in the Southern District of New York Bankruptcy Court on October 19.

However, without court approval for the asset purchase agreement, FTX transferred 50,000 ETH to Voyager. The transfer is suspected to be related to a $1.4 billion asset acquisition. This includes $60 million in earnouts, incentives, and an additional $51 million in his cash payments.

Regulators Oppose Asset Acquisitions Amid FTX Token Dumps and Pumps

Some regulators are objecting to the sale of Voyager’s assets to FTX US. These include the Texas Securities Commission and the Texas Banking Authority.

Regulators are reportedly investigating FTX US, FTX Trading and some executives, including CEO Sam Bankman-Fried. Oversight agencies said they are offering unregistered securities to U.S. residents.

Additionally, regulators believe FTX US offers a yield-bearing account similar to Voyager’s yield-earning savings account.

FTX is also limited by any objection in limiting the debtor’s liability. Finally, following his FTX transfer of 50,000 ETH news, the FTX token FTT experienced a dump and pump effect.

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