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Voyager released late Monday Eastern Time a press release stating that FTX US’s bid was valued at $1.4 billion.

FTX, the exchange giant, won the bid war to purchase the assets of Voyager Digital. Voyager stated in a press statement on Monday Eastern Time. FTX was bidding against Wave Financial a digital-assets investment firm.

FTX bidded $1.4 Billion for Bankrupt crypto exchange Voyager Digitals assets

Voyager Token, VGX, rose following the announcement. It traded at 76 U.S. Cents as of 04/17 UTC.

Voyager Digital , a crypto lender, filed for bankruptcy on July. Industry observers have been intensifying their scrutiny of Voyager Digital’s business practices. Especially, how Voyager claimed in marketing materials that deposits of investors were insured by the Federal Deposit Insurance Corporation (FDIC).

FDIC insurance would cover bank-held cash deposits of up to $250,000 but not cash converted into stablecoins. Frances Coppola , wrote that Voyager’s loan books accounted for almost half of the company’s total assets. Nearly 60% of those loans were made to Three Arrows who filed for Chapter 15 bankruptcy in July.

The post FTX Beats Binance at Voyager Digital’s Auction at $1.4 Billion Bid for Assets first appeared on The Daily Encrypt.


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Angie Byrd