Ethos 2.0 token launch: How can Voyager bankruptcy victims access Magic Keys secure backup solution allocation
Creditors of the defunct crypto brokerage and lender Voyager Digital could be in line for a token airdrop from Ethos 2.0, the relaunched Ethos blockchain platform.
Ethos announced the airdrop process – dubbed the Ethos Recovery Airdrop – on Twitter, which at present is only open to those who have cryptos stuck on the Voyager platform, such as bitcoin (BTC), ethereum (ETH), usd coin (USDC) and the native voyager token (VGX).
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How can Voyager creditors access the ETHOS airdrop?
As part of the Ethos Recovery Airdrop, there are one billion ETHOS tokens available to be claimed by those who have assets stuck on the Voyager ecosystem.
Airdrop claimants need to follow step-by-step instructions issued by Ethos and fill in an online form. Once complete, Ethos will confirm the ETHOS token allocation based on how many tokens a claimant had on Voyager.
Essentially, claimants will receive one ETHOS for every $0.38 held on Voyager as a creditor and two ETHOS for every VGX token held on Voyager.
Ethos 2.0 should be launching in the coming months. Once the Ethos app is up and running, ETHOS tokens will be added via the app.
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And what about the Magic Keys?
As part of the Ethos 2.0 relaunch, Ethos is also unveiling its secure key backup solution, called Magic Keys, which Ethos says will “lets users unlose their keys”.
Ethos said: “The service features enterprise-grade key encryption, sharding, and backup services. Moreover, it focuses on helping users explore self-custody without compromise.”
What led to the Ethos 2.0 relaunch?
The relaunch stems from 2019 when Ethos was acquired by Voyager Digital, which then incorporated the Ethos team, technology and crypto token into its ecosystem.
Just three years later, Voyager filed for bankruptcy in July 2022 because of its exposure to the failed crypto hedge fund Three Arrows Capital, which collapsed in the wake of the Terra (LUNA) crash.
Since then, cryptocurrency derivatives exchange FTX bought Voyager’s assets in September with its winning bid of $1.422bn (£1.267bn), which included a fair market value of the assets and $111m of “incremental value”.
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