The token of a cryptocurrency exchange that has closed down has risen in price by 500%

MetaFormLabs (MFL), a venture capital company unknown to the crypto community, has boosted the value of the VGX token belonging to the bankrupt Voyager Digital crypto exchange by 500%.

According to MetaFormLabs representatives on Twitter, the company plans to push VGX quotes to $ 5−8 in the near future. Yesterday, the value of the Voyager token rose to $ 0.9, although earlier this week, the price of VGX reached a record low of $ 0.14, recording a 97% decline from its peak of $ 5.81 in November 2021. At the time of writing, the token has fallen in price and is trading for $ 0.46.

The MFL team explains its motives by the desire to save Voyager Digital’s investors, who «fell victim to a series of fatal events after the Terra ecosystem collapsed.» It is not yet known whether MetaFormLabs is related to the bankrupt Voyager Digital exchange, nor is it clear what will happen to the VGX token in the future.

As a reminder, youtuber Coffeezilla, who investigates cases of online fraud, accused the bankrupt Voyager Digital platform of fraud. According to the blogger, Voyager representatives «lied to their clients» from the very beginning, promising up to 10% return on their investments and guaranteeing fake insurance for their funds.