Ethos.io launches massive compensation campaign for Voyager creditors and VGX holders
New-gen blockchain ecosystem Ethos announces the launch of one of the largest compensation airdrop campaign for cryptocurrency users affected by the shutdown of Voyager centralized creditor.
Ethos.io distributes ETHOS tokens to support Voyager collapse victims
According to the official announcement shared by the Ethos team, the compensation airdrop initiative designed to support the victims of Voyager lender collapse kicks off in November 2022.
❗️ Attention #VGX Creditors ❗️
We’re proud to announce the Ethos Recovery Airdrop!
Use the sign up form here: https://t.co/HlNbIKYrAg to register.
How to guide here: https://t.co/K6fAVv5FNA
VGX tokens held off platform / on-chain will have a snapshot date announced soon! pic.twitter.com/FkXSrlSFMt
— Ethos.io (@Ethos_io) November 2, 2022
The Ethos team highlights that the Voyager tragedy affected over 1 million cryptocurrency holders with losses exceeding $600 million in equivalent.
To “provide a ray of hope,” Ethos protocol decided to airdrop its ETHOS tokens to both Voyager creditors and holders of VGX, its core asset. While there are no guarantees for airdrop participants, the team is sure that the airdrop can provide a new path for the entire crypto community.
Ethos co-founder Adam Lavine highlights that his product is set to address risks associated with centralized lending protocols, exchanges and crypto wallets:
Voyager joins a long list of centralized meltdowns such as Mt. Gox and Quadriga, losing customer funds in the process. We’re building a next-generation decentralized finance platform, and giving out free tokens to encourage users to take control of their own crypto funds.
Previously, the Ethos and Voyager teams had a working relationship, but in 2021, the initial team of the first platform left the joint venture due to differences of opinion on the roadmap for business development.
Universal vaults and magic keys: What’s new in Ethos 2.0?
As covered by U.Today previously, in June 2022, crypto creditor Voyager collapsed following the Three Arrows Capital disaster: 3AC borrowed 15,250 BTC and 350 million USDC from Voyager in an unsecured loan.
Then, Voyager filed for bankrupcy as the 3AC team stated that it is unable to pay back this monstrous loan.
Victims of the Voyager drama can check their eligibility for the airdrop and apply for ETHOS compensation through the Ethos 2.0 main website.
Ethos 2.0 promotes itself as a new-gen DeFi ecosystem for crypto professionals and newbies. Its technical design leverages seven-dimensional crypto security, including MPC technology to replace passwords and seed phrases. Also, its Magic Keys concept uses sharding to employ back-up keys with five simple “safe words.”