Crypto exchange Binance has moved the native tokens of bankrupt crypto firms Voyager (VGX) and FTX (FTT) to its innovation zone.
According to a May 10 statement, the exchange moved them alongside 16 other struggling digital assets like JasmyCoin (JASMY), OMG Network (OMG), WazirX (WRX), Serum (SRM), OAX (OAX), and others.
Binance CEO Changpeng ‘CZ’ Zhao explained that the exchange moved those tokens to its innovation zone instead of directly delisting them. According to CZ, the new step was based on a suggestion from a community member suggested that Binance move failing projects to its innovation zone first before delisting them.
CZ added:
“IF they still don’t improve, we may delist.”
Binance said its innovation zone was designed to provide users with a platform to trade innovative projects with higher volatility and risks than other tokens.
The exchange continued that it would periodically review and identify projects that fit these criteria, adding that they could be moved to its main platform after closely monitoring their development.
Bankruptcy pushes interest off VGX, FTT
Since Voyager and FTX filed for bankruptcy in 2022, interest in their native tokens has drastically fallen — pushing them from their previous highs to new lows.
For context, VGX fell from over $1 to around $0.15911 as of press time, declining by roughly 83% in the past year, according to CryptoSlate data. Its market cap has also plunged to around $40 million from a peak of over $300 million.
Besides that, the token’s trading volume in the last 24 hours is less than $10 million.
Recent court filings showed that the bankrupt crypto lender would shutter operations and liquidate its asset following failed attempts to sell them.
FTX’s FTT has also rapidly fallen from its high pedestal. The bankrupt exchange token is down by more than 96% to $1.18594 after trading at an all-time high of over $84 in 2021, according to CryptoSlate data.
Its market cap is currently $390.05 million, while its trading volume is $11 million.
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