Voyager Token Surges on Report Binance to Offer Lifeline to the Bankrupt Crypto Lender

Markets

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.
  • Voyager's previous sale, completed in September, saw FTX beat out Binance and Wave Financial.
  • U.S.-based Voyager reopened the bidding process after Sam Bankman-Fried's crypto exchange FTX collapsed last week.
  • 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 three months.

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