Crypto Biz: Voyager Digital Auction is Over - Now What?

FTX US has won the Voyager auction. But an industry insider told Cointelegraph that the deal did not have depositors' best interests in mind.

Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to toxic company Three Arrows Capital led to its ultimate downfall. This week, rumors of a Voyager Digital auction surfaced, with Cointelegraph breaking the story on the afternoon of September 26 after a reliable source confirmed the parties involved. A few hours later, a winner was announced: the FTX US crypto exchange. But not everyone is convinced that Voyager depositors will be supported.

This week's Crypto Biz chronicles the bidders involved in the Voyager Digital auction. It also documents the resignation of a disgruntled crypto boss and the major funding plans of a blockchain-focused hedge fund.

Cointelegraph reported this week that crypto exchanges FTX, Binance, and CrossTower were competing to acquire the assets of embattled crypto lender Voyager Digital. Hours later, it was confirmed that FTX US had secured the winning bid for approximately $1.3 billion. The acquisition means existing Voyager users can access funds through FTX US once the crypto lender's Chapter 11 case is complete. Voyager is just one of many struggling crypto firms to implode during this year's bear market. Its fate is tied to the catastrophic collapse of Three Arrows Capital, which failed to repay $650 million to the lender.

Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and highest bidder. Press release linked below. More information on what this agreement means for customers to follow.h...