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Voyager Token Jumps 20% as $7.3M VGX Sent to Burn Address
The burned tokens equate to around 30% of the total supply.
The native token [VGX] of bankrupt crypto brokerage firm Voyager Digital surged by 20% on Friday after on-chain data revealed that a Voyager wallet sent 52 million tokens ($7.3 million) to a burn address.
Etherscan data shows that a wallet labeled as "Voyager 1" made its first outbound transfer for 225 days, sending a test transaction of 123.45 tokens before sending the larger batch worth $7.3 million.
STORY CONTINUES BELOW
Voyager filed for bankruptcy last year following the collapse of FTX, which was in talks to acquire Voyager before its implosion led to a market-wide downturn.
It is currently unclear why the tokens, which equate to around 30% of the total supply, was sent to a burn address. Voyager outlined its intention to liquidate all assets in March this year.
Voyager did not immediately respond to CoinDesk's request for comment.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
