In a bid to acquire a bankrupt crypto company, FTX won the bidding war. There has been a blow to the cryptocurrency market with the $51 million cash payment and $60 million in incentives. Crypto platforms are negatively affected by it.
Markets punished Voyager when the firm lent most of its assets to Three Arrows Capital. When 3AC filed for bankruptcy, it took down Voyager with it. Last week, FTX won the bid to acquire Voyager for $1.4 billion. It will need only $51 million in cash for the acquisition.
FTX will distribute the $1.31 billion in crypto holdings to eligible creditors. Voyager’s intellectual property and structure will have a value of around $111 million.
Voyager’s bankruptcy has no impact on the price of Bitcoin or other cryptocurrencies. It barely had an impact on Voyager Token (VGX) in the last month. Still, VGX more than doubled last month only to give up those gains. The token fell from the $0.68 – $0.76 level between September 24 – 27 to close at 58 cents on October 1, 2022.