Voyager Token (VGX) Skyrockets 50% As Binance To Resubmit Bid

Beleaguered crypto firm Voyager Digital’s native token Voyager Token (VGX) skyrocketed over 50% as crypto exchange Binance.US plans to resubmit a bid. Crypto exchange FTX’s deal with Voyager failed after FTX filed for Chapter 11 bankruptcy. Voyager also had a $3 million exposure to FTX.

Binance US Planning To Take Over Voyager

Binance’s US unit is set to relaunch its bid to buy bankrupt crypto lender Voyager Digital. This comes after Voyager called off FTX’s bid to acquire the company after FTX filed for Chapter 11 bankruptcy last week.

Voyager noted that it did not transfer any assets to FTX US in connection with selling its assets for $1.42 billion. Moreover, Voyager has $3 million at FTX, comprised of locked LUNA2 and locked SRM.

Binance chief communications officer Patrick Hillmann asserts Binance is a market leader and considers it a responsibility to recover the crypto industry.

Meanwhile, Binance CEO “CZ” announced an industry recovery fund to help projects overcome the liquidity crisis following the collapse of FTX. He has also revealed that the details of the fund will be available in the next two weeks. Crypto exchange OKX has also announced a similar fund.

Last month, Voyager Digital received initial approval from the court to sell its assets to FTX. An approval by creditors would have allowed most Voyager customers to shift accounts to FTX. Therefore, it would enable customers to recover 72% crypto assets they held before the bankruptcy filing.

Voyager Token (VGX) Shoots Over 50%

Voyager Token (VGX) price skyrocketed over 50% in just a few hours after it was confirmed that Binance.US will resubmit the bid. As per CoinMarketCap, the VGX token is currently trading at $0.42, with trading volume jumping nearly 1000%. The 24-hour low and high are $0.28 and $0.44, respectively.

Moreover, some claim Binance has removed the risk warning regarding the VGX token on the crypto exchange. The rumors were already spreading that Binance may resubmit the bid to acquire Voyager assets.