Voyager Token (VGX) Skyrockets 586% After Court Orders Seizure of Three Arrows Capital Assets
The native token of a well-liked cryptocurrency app is rallying regardless of a number of turbulent weeks involving lawsuits and even suspending buying and selling on its platform.
In current weeks, Voyager Digital has issued a discover of default to crypto hedge fund Three Arrows Capital (3AC) in addition to filed for Chapter 11 chapter safety, however over the previous day, the VGX altcoin exploded from $0.15 to a peak of $1.03 for a 586% achieve.
Again in late June, Voyager first filed a proper discover of default to 3AC looking for reimbursement of a earlier mortgage of about $650 million comprised of 15,250 Bitcoin (BTC) in addition to $350 million value of the dollar-pegged stablecoin US Greenback Coin (USDC).
Voyager then introduced a number of days later that it was quickly halting buying and selling actions on its platform because of liquidity points arising from 3AC’s excellent debt, earlier than final week initiating a restructuring course of by submitting for chapter safety.
CNBC reported on Tuesday {that a} federal choose in New York had frozen Three Arrows Capital’s belongings at a time when the whereabouts of fund co-founders Zhu Su and Kyle Davies stays unknown.
Later within the day, the VGX token started its huge upward swing, though there isn’t a direct proof the court docket order prompted Voyager to rally.
Additionally noteworthy is that since Voyager halted buying and selling on their platform, traders who maintain VGX on the app can’t really promote or reap the benefits of the rally. VGX remains to be available to purchase and promote on at the least a dozen different crypto platforms, nonetheless.
Voyager has corrected barely after its preliminary meteoric rise however stays up 412% over the past 24 hours with an asking worth of $0.78.
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