![]() By November 2021 - as the crypto market overall was peaking -Voyager was down 69% from its peak. Three weeks later, VOYG shares had lost 41% of their value. Voyager shares would peak at $29.86 a week after Ehrlich's final sale on April 5, 2021. The three largest of Ehrlich's transactions – totaling 1.4 million shares worth nearly $19 million – were connected to a $50,000,000 secondary offering by Stifel Nicolaus in February 2021. What is evident, based on corporate insider disclosures and Voyager filings, is that Ehrlich made over $30 million disposing of Voyager equity as the crypto lender's shares neared an all-time high.Įhrlich and his Delaware LLCs sold nearly 1.9 million shares from February 9, 2021, to Ma, in 11 separate sales which totaled $31 million, according to data from the Canadian Securities Administration. Voyager had custody of $1.3 billion in customer crypto assets spread across 3.5 million active users, according to a bankruptcy filing.Ī complex and opaque corporate structure – including a reverse takeover of a defunct Canadian mining corporation, the acquisition and disposition of Delaware limited liability companies, and consulting fees paid out to insider LLCs – make it challenging to establish just how much the Voyager co-founder took home. But as crypto prices went into free fall earlier this year, Voyager's business proved unsustainable, leading the firm to freeze assets that retail investors had deposited in June, then declare bankruptcy in July. Like similarly embattled Celsius, the firm promised mammoth returns on assets that users entrusted with them.
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