Voyager Digital said on September 23, 2022, that Chief Financial Officer Ashwin Prithipaul was resigning "to pursue other opportunities"1. The New York company had filed for Chapter 11 bankruptcy in July 2022. Chief Executive Officer Stephen Ehrlich would take over Prithipaul's duties during a transition period, Voyager said. CoinDesk reported on September 23, 2022, that Prithipaul had held the CFO title only since May 20222.
Nine executive exits on the record in 2022
Executive exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2022: 9
- 2019, 2020, 2021, 2023, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 6 |
| 2020 | 1 |
| 2021 | 9 |
| 2022 | 9 |
| 2023 | 8 |
| 2024 | 11 |
| 2025 | 20 |
| 2026 | 27 |
Layer 1s & Infrastructure led executive exits in 2022, with two
Executive exits CryptoLately has verified in 2022, by the sector of the company
- Trading Venues & Brokerage: 1
- Layer 1s & Infrastructure, Stablecoins & Payments, Bitcoin & Mining, Wallets & Consumer Apps, Capital Markets & Treasury
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| Layer 1s & Infrastructure | 2 |
| Stablecoins & Payments | 1 |
| Bitcoin & Mining | 1 |
| Wallets & Consumer Apps | 1 |
| Capital Markets & Treasury | 1 |
| Trading Venues & Brokerage | 1 |
The move
Voyager's press release stayed brief on the reason for Prithipaul's exit. “Mr. Prithipaul will depart from the Company after a transition period, and Chief Executive Officer Stephen Ehrlich will assume Mr. Prithipaul's duties in the interim,” the release said1. Ehrlich thanked Prithipaul by name in the same release. “On behalf of the Board of Directors and the executive leadership team, I want to extend our sincerest gratitude to Ashwin for his many valuable contributions, especially for his efforts during Voyager's restructuring process,” Ehrlich said.
Why would a CFO leave four months into the job, two months into a bankruptcy case, rather than see it through? Both sources stop at Voyager's own phrase, "to pursue other opportunities"1. CoinDesk added career context instead. Prithipaul had served as CFO at the crypto exchange DriveDigital for nine months2. Before that, he held the same title at the crypto investment firm Galaxy Digital.
Voyager before and after
Before Prithipaul's resignation, Voyager was months into its bankruptcy case2. Its assets were headed for a court-run sale, CoinDesk reported. Binance and FTX had put in the two highest bids, each near $50 million, for a slice of those assets, the outlet said. After the resignation, Ehrlich ran Voyager's finance function himself, in the interim role Voyager's own release described1.
What came next
FTX's bid for Voyager collapsed first, when FTX itself filed for bankruptcy in November 2022, Banking Dive reported in April 20233. Binance.US then struck its own $1.3 billion deal to buy Voyager's assets in December 2022, the outlet said, but it walked away from that agreement too, on April 25, 2023. “It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer,” Banking Dive wrote. Voyager said in a court filing that it kept its rights to a reverse-termination fee and a $10 million deposit Binance.US had already paid, and it told customers on social media that its Chapter 11 plan still let it distribute assets to them directly through its own platform.
Sources
- "Voyager Announces CFO Departure," Voyager Digital Ltd., PR Newswire (CNW), September 23, 2022, https://www.newswire.ca/news-releases/voyager-announces-cfo-departure-818597061.html
- Nelson Wang, "CFO of Insolvent Crypto Lender Voyager Resigns," CoinDesk, September 23, 2022, https://www.coindesk.com/business/2022/09/23/cfo-of-insolvent-crypto-lender-voyager-resigns
- "Binance.US abandons $1.3B Voyager acquisition," Banking Dive, April 26, 2023, https://news.google.com/rss/articles/CBMimgFBVV95cUxNN1BaRE40ZmtoTU1yN1Juck56c0pwZGpkWnZZMTNNUDNqOG9BNE15TFpmTWJaSFVyeUljbFFfenAtN2pkR244RmJzb1RPZjRyRVU0WjdsQkJfbmdqVm83Mmh1WVhHM2E5NzdoLXdYTkdDbkRaWHNOZnFkcDktZnFrY0ZaYzNNczhQR1FlZ2tIck9kZGoxVUN5YzZR?oc=5