CFO of Troubled Crypto Lender Voyager Digital Resigns

UTC by Bhushan Akolkar · 2 min read
CFO of Troubled Crypto Lender Voyager Digital Resigns
Photo: Shutterstock

Voyager Digital’s Chief Financial Officer Ashwin Prithipaul had joined the company just two months ahead of the company announcing its bankruptcy.

Troubles continue to pile up for bankrupt cryptocurrency lender Voyager Digital. Over the last weekend, Voyager Digital’s Chief Financial Officer (CFO) Ashwin Prithipaul, announced his exit from the company to “pursue other opportunities”.

Just two months before declaring bankruptcy, Prithipaul joined Voyager Digital in May as the company’s CFO. Voyager’s current Chief Executive Officer, Stephen Ehrlich, will fill his shoes for the interim period until the next executive joins. Speaking on Ashwin’s departure, Ehrlich said:

“On behalf of the Board of Directors and the executive leadership team, I would like to express my sincere gratitude to Ashwin for his many valuable contributions, particularly his efforts during Voyager’s restructuring process.”

Before his brief stint as the CFO of Voyager Digital, Prithipaul also held executive positions at one of the biggest crypto firms Galaxy Digital. Voyager Digital filed for Chapter 11 bankruptcy earlier this year in July. As per the court documents, the company’s outstanding liabilities currently amount to $10 billion.

The departure comes at a time when the New York-based Voyager Digital initiated the process of selling its asset at the beginning of the month.

Bid for Voyager’s Assets

Several big crypto market players have been in the race of bidding for Voyager Digital’s assets. The auction for the assets started on September 13, inviting bids from crypto exchanges like Binance and FTX. As per the latest details, these two crypto exchanges are in the race to vote for Voyager’s assets.

However, Binance’s bid exceeds that of FTX’s by $50 million. The final results of the bid shall be announced later this week on September 29. While Voyager Digital continues to liquidate its assets, on one hand, its customers hope that they shall get their frozen money back.

On the other hand, Alameda Research led by FTX’s Sam Bankman-Fried shall be soon unwinding the loan that it owes to Voyager Digital. Reportedly, Alameda has to pay nearly $200 million in crypto loan to troubled crypto lender Voyager Digital.

Alameda plans to reimburse Voyager with 6553 Bitcoins (worth $128 million) and 51,204 Ethers (approximately $70 million) in principal and loan fees. A small proportion of a few other assets will also be sent back to the bankrupt company. According to the filing in the court, the loans are supposed to be paid back to the firm by the end of September.

Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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