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Voyager token skyrockets as VGX pump scheme touted

Jul 14, 2022
Voyager token skyrockets as VGX pump scheme touted

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The native token for the embattled crypto brokerage Voyager Digital has skyrocketed in what appears to be a brand new effort to inflate its value seemingly impressed by the latest “CEL quick squeeze.”

On July 13, Voyager’s VGX token surged 178% to hit an intraday excessive of $0.891 earlier than falling again to round $0.559, in response to CoinGecko. It had regained floor again u to $0.717 on the time of publication. 

The worth rise has coincided with the looks of a Twitter hashtag referred to as #PumpVGXJuly18, in addition to the formation of a Telegram group referred to as the “Voyager Neighborhood Restoration Channel,” which had greater than 2,100 members on the time of writing.

The token has gained greater than 400% for the reason that starting of the week as speculators look like leaping aboard the most recent fast buck bandwagon.

This week’s VGX pump is a reversal of a gentle downtrend for the crypto token this yr, shedding nearly 80% for the reason that starting of 2022. It is usually down 94.3% since its January 2018 all-time excessive of $12.47.

On July 6, Voyager Digital introduced its restructuring plan, which would come with issuing Voyager tokens to prospects that had suffered losses following its suspension of buying and selling earlier within the month. The identical day, the corporate filed for Chapter 11 chapter in New York, citing liquidity points arising from Three Arrows Capital’s (3AC) excellent money owed.

The newest twist within the saga got here when a federal choose in New York froze the remaining property of 3AC on July 12. One other a part of the restructuring plan contains any restoration of property from 3AC, which may additionally partly clarify the rise within the perceived worth of the VGX tokens.

Unknown crypto enterprise agency MetaFormLabs, which initiated the transfer on Twitter to pump VGX on July 9, has pledged to rescue Voyager via this implies. On July 13, the agency detailed its token value goal, and the quantities pledged for the rescue bundle.

“We have now set a brand new goal vary of 5USD-8USD. At the moment, we have now 50,000,000USD internally and 67,000,000USD pledged by well-known crypto fanatics.”

By July 14, it claimed to have $135 million in funds for the rescue bundle, which might be introduced in full on July 18, coinciding with its token pump peak plans.

Following the preliminary pump, which started on July 13 as costs lifted off from $0.15, MetaFormLabs asserted that this was nothing to do with them.

“The place there’s inexperienced there’s vultures that prey for low entries. #PumpVGXJuly18 will go forward as deliberate on July 18 @ 2pm PST. At the moment’s motion wasn’t us, we have not even begun but.”

The pump scheme has been met with a wholesome dose of skepticism from the crypto neighborhood on Twitter.

There was no point out of any bailout plans on Voyager’s official Twitter feed.

Associated: Traders lament probably misplaced ‘tens of millions’ on Voyager chapter

Cointelegraph reached out to MetaFormLabs for additional particulars in response to their call to do so however had not heard again by the point this text was revealed.

In the meantime, VGX was already dumping and had misplaced 21% from its preliminary pump yesterday. An identical pump and dump occurred with the newly launched Terra LUNA tokens, which surged above $10 a few days after they went stay in late Could, solely to dump to round $2 per week later.



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