Voyager Token Surges on Report Binance to Offer Lifeline to the Bankrupt Crypto Lender
Voyager filed for Chapter 11 bankruptcy protection in July, citing more than 100,000 creditors and as much as $10 billion in assets and liabilities.
Nov 17, 2022 at 9:10 a.m. UTCUpdated Nov 17, 2022 at 9:43 a.m. UTC
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Voyager's bankrupcy has left creditors in the lurch. (Danny Nelson/CoinDesk)
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Voyager Digital's native coin, voyager (VGX), surged Thursday after CoinDesk reported that leading digital assets exchange Binance's U.S. arm is relaunching a bid to purchase the bankrupt crypto lending platform.
- VGX jumped more than 55% to $0.45, the highest level since Oct. 21, according to CoinDesk data.
- The token is still down 85% this year.
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- Voyager ended a deal to be bought by FTX, agreed in September, after the Sam Bankman-Fried-led crypto exchange collapsed last week.
- FTX beat out Binance and Wave Financial with a bid valued about $1.4 billion.
- Voyager filed for Chapter 11 bankruptcy protection in early July, citing more than 100,000 creditors and between $1 billion and $10 billion in assets and liabilities.
- Many crypto lenders, which had doled out large loans to the now-defunct hedge fund Three Arrows Capital, have suspended withdrawals and filed for bankruptcy in the past four months.
UPDATE (Nov. 17. 09:44 UTC): Adds chart, value of FTX offer.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.