Voyager's deal with Binance on ice: investors adrift as VGX yields melt away

On 27 March, a US federal judge temporarily halted the proposed $1.3 billion sale of bankrupt crypto firm Voyager Digital to Binance.US. The ruling grants the United States Securities and Exchange Commission (SEC) more time to question the deal's legality on appeals.

Timeline of Voyager-token

A federal bankruptcy judge in the United States on March 7 approved Voyager's long-awaited restructuring plan with Binance.US. Following the news, Voyager's token VGX soared by almost 38% in the last 24 hours, according to data from CoinMarketCap.

Key Points: A US bankruptcy court judge has approved a debt restructuring plan for Voayger, a crypto lender that went bankrupt in mid-2022, including a deal to sell itself to Binance US for $1.02 billion.

Voyager Digital's native token (CRYPTO: VGX) is up 23% in the last 24 hours after Binance.US made a deal to buy the assets of the insolvent crypto lender for $1.02 billion. What Happened: At the time of writing, VGX was trading at $0.35, with a market cap of $104 million.

Binance.US, an arm of the global cryptocurrency exchange Binance, has agreed to buy the assets if Voyager Digital, according to an announcement published Monday. The bid by Binance.US comes amid increased attention on crypto firms, and with Voyager under bankruptcy protection following this year's crushing crypto winter and contagion.

VGX, the native asset of bankrupt cryptocurrency lending platform Voyager Digital, saw a significant surge in trading activity over the last 24 hours. Read Voyager [VGX] Price Prediction 2023-2024 The unexpected rally in price and trading volume came after reports citing a person familiar with the matter revealed that Binance U.

Voyager Token (CRYPTO: VGX), the native token of Voyager Digital Ltd (Pink: VYGVQ), which filed for bankruptcy in July, is soaring Thursday morning on reports that Binance is relaunching a bid to purchase the company.

Beleaguered crypto firm Voyager Digital's native token Voyager Token (VGX) skyrocketed over 50% as crypto exchange Binance.US plans to resubmit a bid. Crypto exchange FTX's deal with Voyager failed after FTX filed for Chapter 11 bankruptcy.

As FTX US filed for bankruptcy, Voyager announced the re-commencement of the auction process of its assets This caused VGX to rally astronomically in the past 24 hours Bankrupt crypto lender Voyager [VGX] announced the reopening of the bidding process for its assets on 11 November.

Following the confirmation of FTX as the winner of the auction for the assets of bankrupt crypto brokerage Voyager Digital Ltd, its creditors have challenged the proposed plans to offer the company's officers and directors immunity from any lawsuits related to the collapse of the crypto brokerage firm, court papers filed on 12 October revealed.

The crypto brokerage and lender Voyager Digital faced severe tides since it filed for bankruptcy proceedings on 6 July 2022. Impacted by the collapse of Three Arrows Capital (3AC), Voyager Digital, in a 22 June press release, informed its users of its 15,250 BTC and $350 million investment exposure to 3AC.