The native token (VGX) of bankrupt crypto brokerage firm Voyager Digital surged by 20% on Friday after on-chain data revealed that a Voyager wallet sent 52 million tokens ($7.3 million) to a burn address.
Etherscan data shows that a wallet labeled as “Voyager 1” made its first outbound transfer for 225 days, sending a test transaction of 123.45 tokens before sending the larger batch worth $7.3 million.
Voyager filed for bankruptcy last year following the collapse of FTX, which was in talks to acquire Voyager before its implosion led to a market-wide downturn.
It is currently unclear why the tokens, which equate to around 30% of the total supply, was sent to a burn address. Voyager outlined its intention to liquidate all assets in March this year.
Voyager did not immediately respond to CoinDesk’s request for comment.