![]() But as part of a restructuring plan, it does have some tokens to pay back customers. Meanwhile, it doesn’t have enough money to pay back all of its customers. The hundreds of millions in customers’ crypto it lent to Three Arrows did it in. And it should also have been bad news for the Voyager token. CF73xI8r6nĪll of this was bad news for the Voyager crypto exchange. Hope that they did exercise good faith wrt the StarkWare token warrants. Sadly, our good faith to cooperate with the Liquidators was met with baiting. That is until Su Zhu showed up on Twitter to accuse bankruptcy administrators of entrapment. And the founders (at least temporarily) disappeared. At the time, all those Bitcoins were worth about $323 million. Voyager Digital since issued a notice, stating that the fund failed to repay a loan of $350 million in stablecoin USDC and 15,250 Bitcoin. But we can now see that this was objectively a bad idea. If that did come to be true, the aforementioned loan wouldn’t have been a big deal. Last year, one of the founders of Three Arrows said that Bitcoin could be worth as much as $2.5 million per coin. At the time, Three Arrows Capital was still wildly bullish on crypto. Here are several reasons this makes no sense…Īt some point when the markets weren’t in the midst of a crypto winter, a prominent crypto hedge fund took out a $670 million loan with Voyager. ![]() And at last check it was up a head-scratching 268% over the past day. This is the incentivization token of the now bankrupt Voyager exchange. And we’re seeing just such a case with the rapid rise in value of the Voyager token (VGX). Sometimes the crypto world does something that pushes the boundaries of logic.
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