Important Events This Week

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2022-10-04 04:47:49

Market situation

Bitcoin price continues to move sideways around $20,000. Altcoins fell slightly.

This week, the US market is waiting for the official announcement of the inflation index of the past June. The CPI is estimated to fall to 8.8%, 0.2% higher than the previous month. However, the Core CPI excluding food and energy was lower than last month at 5.7%. It can be seen that CPI increased because inflation increased mainly in food and petroleum.

Last month’s jobless claims will also be released this week. It is estimated that the number of unemployment claims will decrease compared to the previous month. Reports related to inflation and unemployment will also affect decisions at the Fed’s July meeting. If inflation is higher, the Fed will probably make more drastic policies on interest rates.

Update on Voyager

Voyager Digital filed for Chapter 11 bankruptcy in the Southern District of New York stating that it has assets between $1 billion and $10 billion and more than 100,000 creditors. Voyager also released details of its current financial position. Specifically, the company says it has about $1.3 billion in crypto assets on its platform and claims more than $110 million in cash and crypto assets on hand, which will help the company maintain day-to-day operations during bankruptcy. They are holding $1.3 billion in crypto assets and $650 million in loans to the company 3AC. In addition, Voyager has $350 million in cash on behalf of customers held in Metropolitan Commercial Bank accounts.

Voyager operations are also outlined. Voyager will accept cash or crypto from customers. Cash they can store in banks and the rest can be stored, deposited at banks, used for operations or loans. Another part of Voyager’s service is for customers to trade crypto through other exchanges and earn the difference between the customer’s purchase price and the floor price. This company has 100 different trading pairs and more than 3.5 million regular users.

Voyager was founded in 2018 and in the development process has a highlight that many people talk about. It was the year 2020, they bought the company Circle. Many questioned whether Voyager’s bankruptcy would have any effect on Circle and the USDC coin. According to an announcement document from Voyager, the company has acquired Circle Invest, the retail digital asset business from Circle Internet Financial, Inc., which includes the retail clients of this business. Circle Invest is an array or product that offers crypto trading and was once part of the Circle company and is no longer relevant. Therefore, Voyager’s bankruptcy so far has no effect on the USDC.

Next comes the amount of Voyager’s loan and debt. Currently, Voyager has a loan of $75 million from Alameda, out of a total loan of $500 million. The amount of unrecoverable loans from this company amounted to a total of $1.124 billion. In which, Three Arrows Capital company borrowed $ 654 million, Alameda company borrowed $ 377 million, the rest were companies such as Galaxy Digital LLC, Wintermood Trading, etc. It can be seen that most of Voyager’s assets have brought the majority of Voyager’s assets. loan and not yet recovered.

Voyager also shared the reason why the company fell into the current situation. The first reason is that the crypto market’s decline since the beginning of the year has affected them as well as the entire market. Then came the impact of the collapse of LUNA and UST, followed by a series of companies. This also resulted in the bankruptcy of their largest debt company, Three Arrows Capital, and they were unable to recover the loan amount.

Under these circumstances, Voyager decided to file for Chapter 11 bankruptcy so that he could devise a compensation strategy for victims. This company also offers two solutions to solve. As a first option, Voyager can sell the company and all its assets to a third company so that this company has a solution and compensates affected customers. The next way is that Voyager will come up with a solution on its own and the victim will become a shareholder of the company. In this way, the victim will receive partial compensation of crypto, company shares, tokens and part of debt recovery from debts.

Above are Voyager’s explanations to the court. Affected users are still waiting for further information from this incident.

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