Crypto firm Voyager's CFO resigns months after company filed bankruptcy
Sep 26, 2022
New Delhi [India], September 26 : The Chief Financial Officer (CFO) of US-based crypto platform Voyager Digital, Ashwin Prithipaul, has decided to resign from his post months after his appointment.
This is yet another sign of crisis for the crypto service provider after filing for bankruptcy earlier this year. According to reports, Prithipaul was appointed as the CFO in May.
Founded in 2018, Voyager offers over 100 different crypto assets using its online platform.
The US-based crypto broker and lender said that its CFO Ashwin Prithipaul is resigning to pursue "other opportunities".
"Prithipaul will depart from the Company after a transition period, and Chief Executive Officer Stephen Ehrlich will assume Prithipaul's duties in the interim," Voyager said in a statement on Saturday.
"On behalf of the Board of Directors and the executive leadership team, I want to extend our sincerest gratitude to Ashwin for his many valuable contributions, especially for his efforts during Voyager's restructuring process," said Ehrlich.
Meanwhile, the firm, through the bankruptcy procedure, intends to maximize value for all its stakeholders, it said in a statement. It aims to pay its employees in the usual manner and continue their primary benefits and certain customer programs without disruption. Trading, deposits, withdrawals and loyalty rewards on the Voyager platform remain temporarily suspended.
It had approximately USD 1.3 billion of crypto assets on its platform while filing the bankruptcy process, plus claims against Singapore-based Three Arrows Capital ("3AC") of more than USD 650 million. The Three Arrows Capital has defaulted on various loans and too is in deep trouble.
To put things into context about the recent slump in crypto trade, the value of Bitcoin as a crypto asset tumbled sharply in 2022 and left many investors poorer.
