Voyager token skyrockets as VGX pump scheme touted
The native token for the embattled crypto brokerage Voyager Digital has skyrocketed in what seems to be a new effort to inflate its price seemingly inspired by the recent "CEL short squeeze."
On July 13, Voyager’s VGX token surged 178% to hit an intraday high of $0.891 before falling back to around $0.559, according to CoinGecko. It had regained ground back u to $0.717 at the time of publication.
The price rise has coincided with the appearance of a Twitter hashtag called #PumpVGXJuly18, as well as the formation of a Telegram group called the “Voyager Community Recovery Channel,” which had more than 2,100 members at the time of writing.
The token has gained more than 400% since the beginning of the week as speculators appear to be jumping aboard the latest quick buck bandwagon.
This week’s VGX pump is a reversal of a steady downtrend for the crypto token this year, losing almost 80% since the beginning of 2022. It is also down 94.3% since its January 2018 all-time high of $12.47.
On July 6, Voyager Digital announced its restructuring plan, which would include issuing Voyager tokens to customers that had suffered losses following its suspension of trading earlier in the month. The same day, the company filed for Chapter 11 bankruptcy in New York, citing liquidity issues arising from Three Arrows Capital’s (3AC) outstanding debts.
The latest twist in the saga came when a federal judge in New York froze the remaining assets of 3AC on July 12. Another part of the restructuring plan includes any recovery of assets from 3AC, which could also partly explain the increase in the perceived value of the VGX tokens.
Unknown crypto venture firm MetaFormLabs, which initiated the move on Twitter to pump VGX on July 9, has pledged to rescue
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