Voyager Token Jumps 20% as $7.3M VGX Sent to Burn Address

The burned tokens equate to around 30% of the total supply.

AccessTimeIconNov 3, 2023 at 4:34 p.m. UTC
Updated Nov 6, 2023 at 4:42 p.m. UTC
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The native token (VGX) of bankrupt crypto brokerage firm Voyager Digital surged by 20% on Friday after on-chain data revealed that a Voyager wallet sent 52 million tokens ($7.3 million) to a burn address.

Etherscan data shows that a wallet labeled as "Voyager 1" made its first outbound transfer for 225 days, sending a test transaction of 123.45 tokens before sending the larger batch worth $7.3 million.

Voyager filed for bankruptcy last year following the collapse of FTX, which was in talks to acquire Voyager before its implosion led to a market-wide downturn.

It is currently unclear why the tokens, which equate to around 30% of the total supply, was sent to a burn address. Voyager outlined its intention to liquidate all assets in March this year.

Voyager did not immediately respond to CoinDesk's request for comment.

Edited by Kevin Reynolds.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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