In order to help users who were impacted by the demise of the Voyager loan platform, Ethos has created its recovery token scheme.
The introduction of Ethos' recovery token scheme, which is intended for users impacted by the Voyager collapse, has been announced.
The business claims that everyone with a legitimate claim through their official website will be able to collect ETHOS tokens, including VGX holders and creditors.
The team went on to say that although there are no guarantees, Ethos's prior recovery tokens have proven crucial in helping victims recover. According to the founders of Ethos, its main goals are to offer victims and the larger bitcoin sector a new route and a glimmer of hope.
More than a million people were impacted by Voyager Digital's collapse a few months ago, which caused extreme instability throughout the whole crypto market. Following the Voyager platform's demise, users suffered losses of over $600 million.
Despite being widely used, the site failed owing to dubious business choices, such as lending consumer money to 3 Arrows Capital via an unsecured loan.
Even though Alameda Research provided Voyager Digital with a $200 million loan, the company declared bankruptcy in July.
Adam Lavine, a co-founder of Ethos, commented on this most recent development and remarked;
"Voyager joins a lengthy series of centralised collapses, losing user funds in the process, including Mt. Gox and Quadriga. We're creating a platform for decentralised finance of the future and distributing free tokens to entice people to manage their own cryptocurrency assets.
Voyager used Ethos' technology for years to onboard new customers and to take care of their cryptocurrency assets, processing more than $5 billion through Ethos' crypto rails. As a result, Ethos disclosed that it had previously collaborated with Voyager.
After a merger in 2019, Ethos changed its name to Voyager. The original Ethos team, however, disbanded in 2021 due to disagreements over corporate objectives.
Users impacted by Voyager's insolvency will receive a free recovery token programme from Ethos, the company announced. According to the company, eligible users can obtain ETHOS tokens, which are a useful asset on the Ethos self-custody network.
Finally, based on a future blockchain snapshot, VGX holders will receive a total of 10% of the ETHOS token supply. If creditors of Voyager submit proof of claim, an additional 10% will be given proportionately to them.
A group of eight ex-Ethos team members and top-tier cryptography professionals will introduce Ethos 2.0. The team claims that Ethos 2.0 will be a decentralised, self-custody substitute for trading applications.
Ethos is a blockchain platform that is user-powered. The goal of Ethos is to create open, secure, and equitable decentralised financial services for everyone.
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