Unknowns pump Voyager Digital’s bankrupt VGX token by 500%

Against the backdrop of efforts by the unknown entity MetaFormLabs, the price of Voyager Digital’s utility token VGX has surged more than 500% in recent days, topping $1.

At the time of writing, the asset was trading near $0.54.

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MetaFormLabs calls itself a venture firm, but online records show no evidence of registration as a market participant. Earlier the group said it planned to pump VGX to a price range of $5-$8.

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$VGX seems to be doing well on a positive note

We will continue with #PumpVGXJuly18 regardless of price.

We have set a new target range of 5USD-8USD.

Currently we have 50,000,000USD internally and 67,000,000USD pledged by well known crypto enthusiasts.

BULLISH.#VGX #Voyager

— MetaFormLabs | #PumpVGXJuly18 (@MetaFormLabs) July 13, 2022

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We will continue [promoting] #PumpVGXJuly18 regardless of price. We have set a new target range—$5-$8. The company currently has $50 million on its internal balance sheet and $67 million pledged by well-known crypto enthusiasts, the statement reads.

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According to a post on Twitter, the group expects VGX quotes to reach the target range by July 18, 2022. To support this, MetaFormLabs also launched the hashtag #PumpVGXJuly18 and said it planned to place marketing materials on billboards in \”three-to-four world capitals\”.

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We will be increasing exposure to our cause.

Currently planning Large Advertising Boards in 3-4 capitals around the world.

In discussion with a few media companies about potentially being a guest on a news show (anon).

Things are coming together.#PumpVGXJuly18 #VGX #Voyager

— MetaFormLabs | #PumpVGXJuly18 (@MetaFormLabs) July 14, 2022

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MetaFormLabs said its motive is to save Voyager Digital’s owners, users and shareholders, who “have become victims of a string of events following the Terra collapse.”

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On July 5, 2022, the crypto broker filed for bankruptcy in a New York court. The company’s liabilities are alleged to be between $1 billion and $10 billion, with about 100,000 customers.

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Voyager Digital is among the creditors of hedge fund Three Arrows Capital (3AC). The latter could not repay debts of 15,250 BTC and $350 million USDC, so in June the company sent it a default notice.

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In July 3AC also filed for bankruptcy.

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As a reminder, FDIC is examining Voyager Digital. The agency contends the crypto broker misled users by claiming their assets were insured under the agency’s deposit insurance program.

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