Voyager Digital’s Chief Financial Officer, Ashwin Prithipaul will exit the company after a transition period to “pursue other opportunities” in his words. Ashwin joined the company as the CFO in May this year. The move comes as the insolvent crypto lender has attracted reasonable bail-out offers from major crypto industry players.

Voyager Digital’s current Chief Executive Officer – Stephen Ehrlich – will step into the role and assume Prithipaul’s duties in the interim. In addition to a brief stint as a CFO in Drive Digital, Prithipaul also served in key executive positions at Galaxy Digital He initially served as Chief Accounting Officer which was followed by a Chief Financial Officer role.

In a statement released on 25th September 2022, CEO Ehrlich said; “On behalf of the Board of Directors and the executive leadership team, I want to extend our sincerest gratitude to Ashwin for his many valuable contributions, especially for his efforts during Voyager’s restructuring process”.

Voyager filed for Chapter 11 bankruptcy in July this year. Court documents revealed that the ailing lender’s outstanding liabilities added up to nearly $10 billion. Prithipaul’s departure comes as the New York-based firm announced the initiation of the process of selling off its assets at the beginning of this month.

The auction began on September 13 and saw top bids from notable cryptocurrency exchanges, including Binance and FTX, of approximately $50 million each. Voyager is yet to accept an offer and the results of the auction will be announced on 29th September 2022.

Meanwhile, Alameda Research Sam Bankman-Fried’s cryptocurrency trading firm – Alameda Research – agreed to repay $200 million worth of crypto loaned from Voyager Digital and will receive $160 million as collateral. The ailing lender also said that the proceeds of the credit facility would only be used if it needs to safeguard customer assets in the wake of the current market downtrend.

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