Fake news that asset management giant BlackRock will invest triggered a double-digit rally in VGX price. As the truth emerges, the altcoin price is eroding the day’s lows.
Fake BlackRock news upset altcoin investors
According to a report by Chinese crypto journalist Wu Blockchain, fake news that BlackRock will acquire Voyager Digital was spread today. In fact, even the famous website Associated Press published the news with paid content. Following the notable news, the VGX price gained over 10% at one point. Wu Blockchain shared the details of the development as follows:
Someone created fake news that BlackRock was planning to acquire Voyager Digital to pump out tokens. The Associated Press website even published it with paid content. The social media source marked in the press release is a Chinese account with a single follower. VGX gained 8% in the last 24 hours.
Someone created fake news that BlackRock plans to acquire Voyager Digital to pump tokens. The Associated Press website even published it with paid content. The social media source marked in the press release is a Chinese account with only one fan. VGX has gained 8% in the last 24… pic.twitter.com/ypLSeuTn7r
— Wu Blockchain (@WuBlockchain) September 9, 2023
The fake news in question about the altcoin project and the company behind it claims that:
BlackRock plans to acquire Voyager Digital, deepening its order in the cryptocurrency space.
According to industry insiders. Last month, BlackRock completed the first round of due diligence on Voyager Digital, a cryptocurrency platform that has filed for bankruptcy. The two parties are in talks regarding the current sale of the assets and shares of the bankrupt entity and have reached a preliminary intention to purchase.
At the same time, Voyager Digital holds a crypto brokerage license, which can directly provide BlackRock with all the forward-looking conditions necessary to operate its crypto asset business, helping to quickly promote its crypto business in the United States.
Voyager Token (VGX) price is falling at the same rate!
VGX, which is having a hard time due to Voyager Digital’s bankruptcy in 2022, melted over 5% after the fake rally. The altcoin had started the day rising by over 10%. When the BlackRock news turned out to be fake, it broke the day’s lows just as quickly. VGX is currently trading at $0.129684. The altcoin moved between $0.129680/$0.153359 during the day.
As reported by Kriptokoin.com, in June 2022, Voyager Digital announced that Three Arrows Capital did not repay the loan of $ 666 million. On July 1, the company suspended “trading, deposits, withdrawals, and loyalty rewards.” Then on July 5, the company filed for Chapter 11 bankruptcy protection. Altcoin VGX has been on the rebound since the bankruptcy news. The company’s failure to take serious steps towards repayments triggered the multi-month downward trend.
Meanwhile, a few days ago it was revealed that one of Voyager’s customers had several hundred million dollars in outstanding debt. People are worried that this will hurt the business in the long run.
Will Voyager begin refunds?
Currently, Voyager’s official website indicates that the liquidating debtor will refresh its website page in September to provide creditors with updates on the status and progress of bankruptcy cases. More details about the refund process will emerge in the coming days.
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