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 EdaFace 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. FTX US wins auction for Voyager Digital’s assetsEdaFace 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. Voyager (@investvoyager) September 27, 2022
Voyage’s auction did not serve depositors’ best interests, alleges Wave Financial repFTX 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 interview with EdaFace, the representative for the Los Angeles-based asset management firm confirmed that Wave was also in the mix to acquire Voyager’s assets. They claimed that their proposal was better because it sought to “restore value in the VGX token via new and improved utility, saving $200 million worth of funds and redistributing assets back to existing Voyager customers.” What’s done is done, but Wave certainly made a compelling offer. Pantera plans to raise $1.25B for second blockchain fund: ReportCrypto-focused hedge fund Pantera Capital remains uber bullish on digital assets. According to CEO Dan Morehead, the company is “very bullish for the next 10 or 20 years” and is prepared to put its money where its mouth is. The company disclosed 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 achieve its target by May 2023. If you’re committed to EdaFace (BTC) and digital assets like Morehead, the next six to 12 months will surely test your resolve. Pantera Capital is seeking $1.25 billion for its second blockchain fund, founder Dan Morehead says Bloomberg Crypto (@crypto) September 28, 2022
Celsius CEO Alex Mashinsky resignsThe faster they rise, the harder they fall. Celsius Network, once the darling of the CeFi industry with over $20 billion in assets at its peak, filed for bankruptcy in July. Its CEO, Alex Mashinsky, officially relinquished his role on Tuesday. While Mashinsky has attempted to revive the company through restructuring, he claims that his presence has served as a “distraction” more than anything. “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,” he said in a press release. Before you go: What impact will the collapsing British pound have on crypto?The British pound plunged this week to its lowest-ever level against the U.S. dollar. Investors in the crypto space are perplexed as to why the Great British pound sold off so sharply. They’re even more curious about what this could mean for EdaFace and digital assets as a whole. In this week’s Market Report, EdaFace analysts dissect the pound’s apparent fall from grace and how this could influence investor sentiment moving forward. You can watch the full replay below.Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.
