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Voyager Digital’s auction has ended. What now?

garretschoenbergSeptember 30, 2022
Voyager Digital’s auction has ended. What now?

Voyager Digital filed for Chapter 11 bankruptcy in July after exposure to the toxic Three Arrows Capital led to its eventual collapse. Rumors of a Voyager Digital auction surfaced this week, and Cointelegraph divulged the story on the afternoon of September 26, after a trusted source confirmed the parties involved. A few hours later, the winner was announced — crypto exchange FTX US. But not everyone is convinced Voyager depositors will take care.

This week’s Crypto Biz chronicles the bidders who participated in the Voyager Digital auction. It also chronicles the resignation of a disgruntled crypto boss and a major fundraising plan from a blockchain-focused hedge fund.

FTX US wins auction for Voyager Digital’s assets

Cointelegraph reported this week that crypto exchanges FTX, Binance and Crosstower are in a race to acquire the assets of beleaguered crypto lender Voyager Digital. A few hours later, it was confirmed that FTX US had secured a winning bid of approximately $1.3 billion. The acquisition means existing Voyager users will be able to access funds through FTX US once the crypto lender’s Chapter 11 lawsuit is over. Voyager is just one of the crypto companies to fail in this year’s bear market. That fate was tied to the catastrophic collapse of his Three Arrows Capital, which failed to pay back his $650 million to lenders.

Voyage auction was not in depositors’ best interests, Wave Financial official claims

FTX US may have won the auction for Voyager’s assets, but the outcome was not in depositors’ best interest, according to Wave Financial officials. In an exclusive interview with Cointelegraph, a representative of the Los Angeles-based asset management firm confirmed that Wave was also included to acquire Voyager assets. They aim to “restore the value of his VGX token through new and improved utilities, saving $200 million worth of funds, and redistributing assets to existing Voyager customers,” hence their I argued that the proposal was better. Well done, Wave certainly made a compelling proposition.

Pantera Plans to Raise $1.25 Billion in Second Blockchain Fund: Report

Crypto-focused hedge fund Pantera Capital remains very bullish on digital assets. According to CEO Dan Morehead, the company is “very bullish over the next 10 or 20 years” and is willing to throw money at word of mouth. The company revealed this week that it plans to raise a whopping $1.25 billion for its second blockchain fund. If all goes according to plan, the fund will reach his target by May 2023. If you’re committed to digital assets like Bitcoin (BTC) and Morehead, the next 6 to 12 months are sure to test your resolve.

Celsius CEO Alex Mashinski resigns

The faster the rise, the harder the fall. Celsius Network, a CeFi industry darling with over $20 billion in assets at its peak, filed for bankruptcy in July. Its CEO, Alex Mashinski, formally stepped down from the role on Tuesday. “I regret that my continued role as CEO has become increasingly distracting. I am very sorry about the difficult financial situation facing members of our community.

Before you go: How will a collapsing British pound affect crypto?

The British pound plunged to an all-time low against the US dollar this week. Crypto industry investors are baffled as to why the British pound has plummeted. They are even more curious what this means for bitcoin and digital assets as a whole. We are analyzing how it might affect You can watch the full replay below.

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