Voyager Digital filed for Chapter 11 chapter in July after its publicity to the poisonous Three Arrows Capital led to its final downfall. This week, rumblings of a Voyager Digital public sale surfaced, with Cointelegraph breaking the story on the afternoon of Sept. 26 after a good supply confirmed the events concerned. A couple of hours later, a winner was introduced — crypto trade FTX US. However, not everyone seems to be satisfied that Voyager’s depositors will likely be taken care of.
This week’s Crypto Biz chronicles the bidders concerned within the Voyager Digital public sale. We additionally doc the resignation of a disgruntled crypto boss and main funding plans from a blockchain-focused hedge fund.
FTX US wins public sale for Voyager Digital’s property
Cointelegraph reported this week that crypto exchanges FTX, Binance and CrossTower have been competing to amass the property of beleaguered crypto lender Voyager Digital. A couple of hours later, it was confirmed that FTX US had secured the successful bid for round $1.3 billion. The acquisition implies that present Voyager customers can entry funds by way of FTX US as soon as the crypto lender’s Chapter 11 case concludes. Voyager is only one of a number of distressed crypto corporations to implode throughout this yr’s bear market. Its destiny was tied to the catastrophic downfall of Three Arrows Capital, which didn’t repay $650 million to the lender.
At the moment, after a aggressive public sale geared toward returning most worth to clients, @FTX_Official US was chosen as the best and finest bidder. Press launch linked beneath. Extra details about what this settlement means for patrons to comply with.https://t.co/OmOd7pvSza
— Voyager (@investvoyager) September 27, 2022
Voyage’s public sale didn’t serve depositors’ finest pursuits, alleges Wave Monetary rep
FTX US could have gained the public sale for Voyager’s property, however the end result didn’t serve depositors’ finest curiosity, in accordance with a Wave Monetary consultant. In an unique interview with Cointelegraph, the consultant for the Los Angeles-based asset administration agency confirmed that Wave was additionally within the combine to amass Voyager’s property. They claimed that their proposal was higher as a result of it sought to “restore worth within the VGX token through new and improved utility, saving $200 million value of funds and redistributing property again to present Voyager clients.” What’s performed is completed, however Wave definitely made a compelling supply.
Pantera plans to boost $1.25B for second blockchain fund: Report
Crypto-focused hedge fund Pantera Capital stays uber bullish on digital property. In keeping with CEO Dan Morehead, the corporate is “very bullish for the following 10 or 20 years” and is ready to place its cash the place its mouth is. The corporate disclosed this week that it plans to boost a whopping $1.25 billion for its second blockchain fund. If all goes in accordance with plan, the fund will obtain its goal by Might 2023. When you’re dedicated to Bitcoin (BTC) and digital property like Morehead, the following six to 12 months will certainly check your resolve.
Pantera Capital is searching for $1.25 billion for its second blockchain fund, founder Dan Morehead says https://t.co/H5AXy55hqa
— Bloomberg Crypto (@crypto) September 28, 2022
Celsius CEO Alex Mashinsky resigns
The sooner they rise, the more durable they fall. Celsius Community, as soon as the darling of the CeFi business with over $20 billion in property at its peak, filed for chapter in July. Its CEO, Alex Mashinsky, formally relinquished his function on Tuesday. Whereas Mashinsky has tried to revive the corporate by way of restructuring, he claims that his presence has served as a “distraction” greater than something. “I remorse that my continued function as CEO has grow to be an growing distraction, and I’m very sorry concerning the tough monetary circumstances members of our group are dealing with,” he stated in a press launch.
Earlier than you go: What impression will the collapsing British pound have on crypto?
The British pound plunged this week to its lowest-ever stage in opposition to the U.S. greenback. Traders within the crypto house are perplexed as to why the Nice British pound offered off so sharply. They’re much more inquisitive about what this might imply for Bitcoin and digital property as a complete. On this week’s Market Report, Cointelegraph analysts dissect the pound’s obvious fall from grace and the way this might affect investor sentiment shifting ahead. You possibly can watch the complete replay beneath.
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