What's Going On With Voyager Token? VGX Rises 516% After Filing For Bankruptcy

What's Going On With Voyager Token? VGX Rises 516% After Filing For Bankruptcy

Voyager Token VGX/USD spiked from $0.1538 to a peak of $0.9476 Wednesday morning — a 516% leap.

Numerous crypto lending firms have been facing liquidity crises and bankruptcy in recent months. Voyager Digital, for example, filed for Chapter 11 bankruptcy last week. The company claimed to have between $1 billion and $10 billion in crypto assets under management and over 100,000 creditors.

A week before filing for bankruptcy, Voyager had suspended trading, deposits and withdrawals for its users.

At press time, VGX hovered at around $0.7771.

Voyager Token’s pump could be a result of Voyager undertaking capital restructuring by buying back tokens on a large scale to provide users liquidity. Alternatively, there could be a potential acquisition in the works, giving liquidity to the platform, and causing the token price to rise.

As uncertainty continues to loom over the crypto sector, major lending firms, such as Voyager, must proceed with caution to protect investors and their funds.

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