Voyager goes bankrupt after Earth/Moon ecosystem collapses, along with Celsius and 3AC: What’s the relevant news in the crypto world?
take a step back, in July The company filed for Chapter 11, with the aim of restructuring its financial position and possibly returning sooner or later to provide its services to clients.
Indeed, Voyager’s particular problem stemmed from the bankruptcy of the 3AC fund, in which the fund had to pay $25 million because of a $350 million loan. After Voyager Digital Holdings was forced not to pay to activate the default action, and subsequently filed for Chapter 11.
With 3AC effectively bankrupt, the multi-million dollar loan to Voyager cannot currently be repaid.
Share FTX with Voyager
Among other things, the largest creditor of Voyager itself appears to be the now bankrupt Alameda Research of FTX Group, With 75 million dollars.
But Alameda is also part of the problem, as it appears to have borrowed $377 million in cryptocurrency from Voyager. Even such a loan will most likely not be repaid.
In addition, FTX was the leading candidate to acquire Voyager’s assets. in October In fact, it won a temporary purchase agreement, with a plan to return users 72% of their money.
Rather, in November it is FTX also fails, And so this plan failed.
Crypto news: Voyager’s other competitors
Given that the problem that led to Voyager’s failure is of external origin, and therefore not due to its own structural problems, there are many crypto companies interested in buying up their assets, and possibly in revitalizing their operations.
To tell the truth, for example, FTX’s interim agreement did not provide for the reopening of Voyager’s services, but merely the acquisition of its customers and assets.
After FTX went bankrupt, it was like that binance To propose the acquisition of Voyager’s assets in lieu of the American Stock Exchange. I did INX recently too Show.
However, the current situation still does not look as clear as the previous one, as evidenced by the market capitalization of Voyager’s VGX token.
BeforeEarth/Moon ecosystem collapse VGX token price It was more than $1.
In May, it fell to $0.6, but between June and July it fell to $0.15. In other words, in just two months it lost 88% of its value.
However, by September it had recovered almost all of those losses, to the tune of almost $1. But during the month of October, the price returned to $0.4, and after the failure of FTX it fell to $0.2.
However, recent developments have brought it back to around $0.4, which is 96% below the all-time high of $12.5 reached in January 2018.
However, the recovery in the past four weeks seems to chart a positive future for the development of this story.
INX among Voyager’s cryptocurrency news
Indeed, INX’s interest reveals that there are more suitors poised to take over Voyager’s assets.
The company said it had submitted an offer with a non-binding letter of intent, but declined to disclose details.
However, they described this offering as “strategic” to further their vision of democratizing finance and reshaping current market paradigms by leveraging the power and versatility of their regulated trading platform.
However, they also declared that they are primarily interested in customers and creditors of Voyager, so it is likely that they, like FTX, do not want to resume the activities of its services, but only to acquire their own customers.
In addition to INX and Binance, Wave Financial and CrossTower also appear to have expressed interest in acquiring Voyager assets.
So it looks like something really is going on conflict In the crypto sector to acquire Voyager assets, not so much to reinvigorate its business, but to acquire its attractive assets, including most of its clients.
Changes in the crypto sector
As you can easily imagine, in 2022 great events in encryption sectorAlthough almost all things are negative, many things necessarily change.
In particular, many weak, unfortunate or poorly managed companies are disappearing, which will inevitably be replaced by others that are strong and in good standing.
Something similar is also happening with various cryptocurrency and cryptocurrency projects, some of which have disappeared or are disappearing, others are slowly slipping into oblivion.
On the other hand, 2021 was a crazy year, marked by an incredible proliferation of cryptocurrency projects, initiatives, and companies that would definitely not have survived this year’s bear market. So it is inevitable that there will be some kind of “cleansing” that wipes out the initiatives least equipped to survive, leaving only those who are truly able to do so.