Ashwin Prithipaul, CFO of bankrupt crypto lender Voyager Digital Ltd, is expected to leave the company. The crypto firm said on Friday that the finance chief would step down after a “transition period” to pursue other opportunities and that CEO Stephen Ehrlich would take over in the interim.

Prithipaul has served as the firm’s chief financial officer since May, according to his LinkedIn profile. In the past, he was CFO at crypto exchange DriveDigital for nine months, and before that he was CFO at crypto investment firm Galaxy Digital.

Voyager Digital collapsed due to its outstanding liquidity problems during the harsh winter period that started in May this year. As a result, the company filed for Chapter 11 bankruptcy in July to help contain the situation after suspending withdrawals on its platform.

The crypto winter triggered by the collapse of the Terra algorithm and its ecosystem caused almost all cryptocurrencies to crash and put the entire industry in crisis.

Many crypto-related companies struggled to keep their footing. Voyager became one of the highest-profile crypto companies to shut down amid this year’s market crash. The firm filed for Chapter 11 bankruptcy in July with outstanding liabilities of up to $10 billion.

The firm’s downfall came shortly after one of its largest debtors, Singapore-based crypto hedge fund Three Arrows Capital (3AC), filed for bankruptcy in July, leaving its users’ funds at risk. 3AC owed Voyager more than $650 million in USDC stablecoin and Bitcoin.

Voyager began the process of selling its assets through an auction exercise earlier this month. The auction of the assets of the New York-based firm began on September 13.

Cryptocurrency exchanges Binance and FTX have reportedly made top deals of roughly $50 million each for Voyager assets. But the current Binance offer is considered to be a bit higher than the one offered by FTX. Other bidders reportedly include digital asset investment manager Wave Financial and digital currency trading platform CrossTower.

The announcement of the winning offer is expected on September 29, although it could arrive before that date.

Image source: https://www.reuters.com/business/finance/bankrupt-crypto-lender-voyagers-cfo-exit-months-after-appointment-2022-09-23/