Voyager’s deal with Binance on ice: investors adrift as VGX yields melt away
On 27 March, a US federal judge temporarily halted the proposed $1.3 billion sale of bankrupt crypto firm Voyager Digital to Binance.US. The ruling grants the United States Securities and Exchange Commission (SEC) more time to question the deal’s legality on appeals.
Read Voyager [VGX] Price Prediction 2023-2024
The decision comes as Voyager Digital filed for bankruptcy in February, seeking to sell its assets to Binance.US, the American affiliate of major crypto exchange Binance. The proposed deal was meant to give Binance.US a bigger foothold in the U.S. market and make Voyager’s customers whole.
In early March, bankruptcy judge of the Southern District of New York – Michael Wiles – had given Binance.US the approval to proceed with the proposed sale. However, the U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee immediately filed an appeal challenging the bankruptcy court’s approval of the sale.
While VGX rallied to a high of $0.60 in the first 30 days of the year, this was due merely to the general rally that the market witnessed. Trading at $0.3292 at press time, the token’s value has since dropped by 45%.
Seeing very minimal network activity in the last month, VGX’s daily active addresses on a 30-day moving average was 2.63, per data from Santiment .
The altcoin has had several days in the past month when it registered no new trading addresses, indicating that only a few individuals considered it a viable investment choice.
Source: Santiment
Further, a look at the alt’s supply distribution revealed a demand stagnation from the various cohorts of investors holding the alt. Typically, the lack of interest from existing investors may signal a lack of confidence in
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