CFO from Voyager Digital leaves the company after 5 months

CFO from Voyager Digital leaves the company after 5 months

The Chief Financial Officer (CFO) from Voyager Digital resigned about three months after the crypto loan was the bankruptcy application.

Ashwin Prithipaul, who worked there for only five months, will leave the company for other options after a transition period, the company said with Awarding on Friday. CEO Stephen Ehrlich will take his work in the meantime.

"In the name of the board and the management team, I would like to express our sincerely thanks for his many valuable contributions, especially for his efforts during the restructuring process of Voyager," said Ehrlich in the explanation.

Prithipaul was previously CFO at the financial broker Drivedigital and at the crypto investment company Galaxy Digital. It is not clear where Prithipaul is going next.

Voyager belongs to a handful of crypto creditors who have been damaged by the recent downturn on the crypto market. The dissolution of the market, led by insolvencies at Three Arrows Capital, Celsius and Voyager, has made it clear the dangers of infection and poor risk management. The company had more than 100,000 creditors at the time of bankruptcy, but it sparked plenty of interest to justify competing offers for its remaining assets.

creditors contradicted employee binding premiums

The company wanted to pay the employees during its bankruptcy proceedings as part of a proposal for a "key binding plan". Because of their "valuable institutional knowledge", whose faster replacement would be expensive, it referred to as the key for the company. If it were executed, the plan would have cost almost $ 2 million.

But the creditors of Voyager protested and said that the company had not given enough reasons to justify this decision. They also opposed the fact that Voyager had not made any layoffs in contrast to other crypto companies such as Coinbase, Bitpanda, Blockfi and Blockchain.com. At that time, only 12 employees had gone voluntarily.

Voyager will liquidate his assets after an auction, whereby the final results are to be announced on September 29 at 2:00 p.m.

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The contribution CFO from Voyager Digital leaves after a 5-month term.