Bankrupt Crypto Broker Voyager’s Native Token VGX Soars Over 125% in 24 Hours Amid Takeover Rumors
The token of controversial crypto broker Voyager Digital (VGX) is surging as rumors of a potential takeover continue to circulate.
According to a recent company presentation, a number of firms, including AlamedaFTX, the digital asset hedge fund of crypto-billionaire Sam Bankman-Fried, have expressed interest in buying Voyager’s assets.
News of a potential acquisition sent VGX soaring from a 24-hour low of $0.328 to $0.743, a staggering 126.52% gain in just one day. The token has since rebounded and is trading at $0.60 at the time of writing.
Voyager says that of the 88 companies potentially interested in buying its distressed assets, 22 have been active in the marketing process. The company plans to hold its sales hearing on September 7.
Last week, Binance CEO and founder Changpang Zhao told The New York Times that both Voyager and fellow troubled crypto lender Celsius approached the crypto exchange in hopes of discussing selling their assets to the platform.
As stated by Zhao in an interview,
“Our team engages in all of these conversations.”
Last month, crypto exchange FTX, also a company led by Bankman-Fried, made an offer to buy Voyager’s assets, but the cryptobroker reprimanded the Seychelles-based company, saying the proposal was “highly misleading” and a “low bid”. “
In its presentation, Voyager notes that it has already received better bids than that offered by AlamedaFTX.
“Voyager has already received bids through the marketing process that are higher and better than AlamedaFTX’s proposal; AlamedaFTX’s tweets, interview on Fox and press releases are inaccurate.”
Voyager first announced a halt to all trades, deposits and withdrawals in early July after digital asset hedge fund Three Arrows Capital (3AC) failed to repay a loan worth hundreds of millions of dollars. A few weeks later, Voyager filed for bankruptcy.
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