Steve Ehrlich, CEO of bankrupt crypto broker Voyager Digital, has sold his stake in the company for more than $30 million in 2021. CNBC Analysis of Canadian Stock Exchange filings.
After listing on the Canadian Stock Exchange in 2019 under the VYGR ticker at $0.62 per share, the company’s shares typically traded around $1. But in 2021, after VYGR moved to the Toronto Stock Exchange, the stock skyrocketed to his all-time high of $27.39 by the time Ehrlich cashed out in spring 2021.
VYGR shares stopped trading on the TSX on July 5, the same day the company did. filing for bankruptcy.
“The prolonged volatility and contagion of the cryptocurrency market over the past few months, and the default of Three Arrows Capital on loans from its subsidiary Voyager Digital, LLC, require us to act cautiously and decisively now. there is,” says Ehrlich. statement About bankruptcy.
It is neither unusual nor sinful for a CEO to sell stock in a company. actual, CNBC Insider sales totaled $69 billion last year, according to a report using InsiderScore/Verity analysis of US Securities and Exchange Commission filings. According to the report, this is a 30% increase for him over 2020 and a 79% increase compared to the 10-year average.
In November, Microsoft CEO Satya Nadella sold MSFT shares worth $285 million. SEC filingMost recently, Tesla CEO Elon Musk famously sold $8.4 billion worth of TSLA stock in April. Acquired Twitter for $43 billionaccording to SEC filing.
However, unlike Voyager Digital, neither Microsoft nor Tesla has filed for Chapter 11 bankruptcy protection, and many users are uncertain whether access to their accounts will be restored. And in the crypto community, diamond hand alias don’t cash out Highly rated.
Since Voyager filed for bankruptcy protection, the company has been with FTX CEO Sam Bankman-Fried. lowball bidding Disguised as a rescuer of the White Knight. “
Bankman-Fried is Proposed Alameda Research, the cryptocurrency trading firm he founded, has dropped a $75 million claim against Voyager, and has “destroyed” all digital assets except those associated with failed hedge fund Three Arrows Capital. Buy at a fair market price.
The company also received a statement from the Federal Deposit Insurance Corporation thatfalse and misleading‘ claims that client funds are insured by the U.S. government.
