Ashwin Prithipaul, the chief financial officer (CFO) of Voyager Digital, has resigned from his post to move toward other opportunities. This move has been witnessed at a time when several bailouts presented by prominent industry players have been attracted by the insolvent crypto lending company.
Voyager Digital Sees the Resignation of Its CFO after His Service for 5 Months
The executive became a part of the venue in May this year as the CFO. Now, the present chief executive officer – Stephen Ehrlich – is to take fulfill the duties of Prithipaul on a provisional level. Apart from spending just a short period at Drive Digital as a CFO, Prithipaul additionally served at Galaxy Digital, firstly as Chief Accounting Officer and then as CFO.
A statement was made by Ehrlich. In it, he expressed gratitude on the Board of Directors as well as the executive leadership group’s behalf to Ashwin as he has made several precious contributions, particularly for the endeavors thereof made at a time when Voyager was going through a restructuring procedure.
In July 2022, Voyager applied for bankruptcy. As disclosed by the court documents, the outstanding liabilities of the company heightened to approximately $10B. the announcement of Prithipaul has been made at a time when the institution (which is based in New York) has declared to start the procedure of trading the assets thereof in the current month.
FTX and Binance Make Top Bids for Voyager Digital’s Auction
In this respect, an auction was inaugurated by the firm on the 13th of this month. In that auction, FTX and Binance were the top organizations in the bidding as they offered bids of up to $50M each. Nonetheless, the procedure of the auction has not been completed yet because Voyager has to decide between the offers made during the auction. The auction’s inferences will be declared on the 29th of this month.
In the meantime, a quantitative crypto trading venue “Alamada Research” – which was established on the behalf of Sam Bankman-Fried – consented to recompense an amount of nearly $200M in crypto worth lent from Voyager. After that, the firm will get collateral of approximately $160M.
In addition to this, the lender moved on to reveal that they will utilize the credit facility’s proceeds just in the case of a requirement to ensure the safety of the assets in consumers’ possession at the moment when the volatility is increasing high.