Crypto lender Voyager’s overly bullishness about crypto despite facing open decline led to its bankruptcy. From its failure to recover the funds that Three Arrows Capital Owned him to the general market commissions, everything was blamed. However, there was some light at the end of the tunnel when Coinbase proposed to purchase its assets. However, according to the recent reports, Coinbase has backed out from the deal \u2013 FTX and Binance being the next in line.<\/p>\n
Rescue might be a hyperbole <\/strong>since Voyager is dead and done. However, its assets are still worth a lot. Once hailed as the most \u201crisk-free\u201d <\/strong>way to invest in crypto, Voyager tumbled fast when Terra-triggered crypto winter pulled the entire crypto market with it.<\/p>\n However, hope remained for the crypto lender as there were some funds they could recover from Three Arrows Capital, <\/strong>a Singapore-based hedge fund company. However, even that fell through after 3AC\u2019s fallacies came to light and the hedge fund company fell to bankruptcy. Soon, the same happened with Voyager Capital.<\/p>\n After Voyager\u2019s collapse, several big crypto players came to buy its assets, including Binance. FTX and Coinbase. However, Coinbase<\/a> (COIN) has withdrawn from the deal.<\/p>\n August 6 is the date for the bidding on Voyager’s assets. If there are multiple bids for those assets, which would likely be, another auction to pick a winner will take place on September 29.<\/p>\n Following this announcement, the price of VGX (Voyager) rose by 40%, according to CoinMarketcap.<\/p>\n Thankfully, there are more than enough takers for Voyager\u2019s assets. The latest reports<\/a> say that at least 22 investors have done the due diligence to buy this crypto. However, in its heyday, Voyager was worth more than 2.3 billion USD, making it suitable for only Binance<\/a> or FTX<\/a> to invest in its assets.<\/p>\n Binance is the world\u2019s largest cryptocurrency exchange by market capitalization. It has over 600 million cryptocurrencies listed and has an average 24-hour trading volume of $76 billion. Binance is one of the few cryptocurrency exchanges to weather the storm of the crypto winter and was able to on to its employees.<\/p>\n The same can be said about FTX, another cryptocurrency exchange more suitable for institutional investors. The CEO of FTX,\u00a0 Sam Bankman-Fried, has been hailed as the good Samaritan of the crypto space, wanting to offer a safe boat to the struggling crypto lenders like the voyager capital to \u201cstop the crypto winter contingent\u201d <\/strong>before it absorbs the entire ecosystem.<\/p>\n Voyager, along with Celsius, has become the most infamous name for crypto lenders. These platforms provided consumers with crypto savings accounts, offering them higher APY in returns. And for a long time, it was working. Both these platforms got amazing customer reviews from Trustpilot.<\/p>\n And then the crypto winter happened \u2013 triggering the fall of both the platforms. Many YouTubers later discovered that these lenders were “overleveraged <\/strong>to their eyeballs\u201d.<\/p>\n As a result, Voyager halted withdrawals when the markets fell, leaving people hung out to dry. However, after the bankruptcy order, these customers became the credits of the company \u2013 acting as novice participants who now must go through the laborious process of getting their funds back.<\/p>\n Even with Binance and FTX now in tow to buy Voyager’s assets, it is still certain whether investors would be able to recover their funds from the now defunct crypto lender.<\/p>\n However, many first-time crypto investors can draw certain lessons from these situations.<\/p>\n Voyager Capital wasn’t the only victim of the crypto crisis of 2022, and we doubt it will be the last. For now, we must wait and watch the end of the auction process. Perhaps, the “novice investors”, Voyager customers, may be able to recover some funds. If they do, it will set precedence for the future of crypto lending platforms.<\/p>\nBidding on the Assets Coming on August 6<\/strong><\/h2>\n
About Binance and FTX, Voyager Capital\u2019s Biggest Suitors<\/strong><\/h2>\n
The Fall of Voyager and the Loss of Investor\u2019s Funds<\/strong><\/h2>\n
What to Learn from the Story of Voyager Capital?<\/strong><\/h2>\n
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