Voyager’s auction didn’t serve depositors’ needs, alleges Wave Financial repetition

The assets of crypto broker Voyager Digital would face a drastically different fate if FTX didn’t win the bid, claimed a spokesperson of Wave Financial while talking with Cointelegraph. The spokesperson arguin that better bids were up for grabs, however they “were ignored for strictly cash offers.”

Wave, an SEC-registered digital asset management company with more than $1 billion in assets under management (AUM), took part in the auction process, putting in a bid a rather lower amount than FTX for that assets. FTX guaranteed the winning bid with some $1.4 billion, which must certainly be authorized by the U.S. Personal bankruptcy Court.

Wave defended its proposal as the only person trying to keep up with the Voyager brand and make up a new exchange model that suits the crypto community, whatever the financial improvement in the bid.

Related: FTX US wins auction for Voyager Digital’s assets

Particularly, Wave’s proposal searched for to “restore value within the VGX token via new and improved utility, saving $200M price of funds and redistributing assets to existing Voyager customers,” and “extend an income share program to depositors with the new exchange model, driven through the liquidity and community of leading layer-1 protocols who became a member of as investors and minority proprietors.” A Wave’s spokesperson also noted that:

“Wave was the only real remaining bidder throughout the blind auction process (held a few days of September 12 in New york city) that required a “white-colored dark night” approach, prioritizing the depositors’ financial interests by restoring value within the VGX token and developing a lengthy-term revenue discussing model — each of which came back substantial equity straight to depositors.” 

Following a winning bid, FTX provided limited specifics of how Voyager customers can access their crypto holdings. Based on Voyager, specifics of crypto access is going to be shared because it opens up.

On This summer 5, Voyager declared Chapter 11 personal bankruptcy, a procedure that enables firms to retain possession of the assets and continue operating when they restructure or sell the organization, following an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on the $650 million loan.

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