Voyager [VGX]Creditors oppose the immunity plan, details inside

After FTX was confirmed as the auction winner for the assets of bankrupt brokerage Voyager Digital Ltd, its creditors questioned proposed plans to give company officials and directors immunity from any lawsuits related to the collapse of the crypto brokerage, court papers The uploaded files were revealed on October 12th.

According to court filings, the creditors believe, while they do not oppose the proposed sale of FTX as such, in order to “maximize refunds to the creditors of unsecured debtors in the most appropriate, efficient and effective manner,” the sale appears conditional about “extensive issuance of directors and officers Voyager.”

Voyager’s creditors also claimed that they were investigating the circumstances that led to the bankruptcy of a crypto agent. Although they did not disclose their findings, the creditors claimed the “results are factual”.

According to court filings, the statement forced creditors to make a “Hobson’s choice.” “Either support the completion of the Sale Transaction and the revised Second Plan, along with the full and effective release of the principals and officers of the debtor, or risk that these Chapter 11 cases turn into a quagmire of litigation, at the expense of only unsecured creditors, whose assets will continue to be frozen for much longer.” .

Happy travels to all who buy

At the time of writing, VGX is trading at $0.4608. According to CoinMarketCap data, the asset’s price has increased by 24% in the last 24 hours.

Additionally, VGX’s trading volume is up 121% at press time. for each data from feelingsAt the time of writing, VGX has a trading volume of around $20 million.

Source: feeling

Besides the unknown future of the crypto brokerage, holders of VGX tokens have plunged into losses since September 21, data from Santiment shows.

A look at the asset’s market value (MVRV) on a 30-day moving average revealed that the gauge has been posting negative readings since September 21. At the time of writing, the MVRV of VGX was -28.83%, indicating a significant loss of VGX holders.

Source: feeling

Interestingly, despite the rise in the asset’s price over the past 24 hours, VGX has continued to see negative bias from its owners. The weighted sentiment against the symbol has been negative since mid-August. At the time of writing this was -0.449.

Source: feeling

Leave a Reply

Your email address will not be published. Required fields are marked *