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Ethos 2.0 token launch: How can Voyager bankruptcy victims access Magic Keys secure backup solution allocation

By Darius McQuaid

Edited by Charlie Mellor

19:15, 3 November 2022

Representation of the Ethos name and token icon
Ethos has announced a rebrand and a “recovery airdrop” for Voyager Digital creditors – Photo: Getty Images

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). 

BTC to USD

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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BTC/USD

60,129.60 Price
+2.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.54 Price
-1.900% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,199.58 Price
+1.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.11 Price
+1.090% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

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.” 

“Under the hood, Ethos lets users create their keys, but only if they want to trade. Should the user lose their key, they can upload the encrypted version, answer their security questions, and complete two-factor authentication. Ethos will release the third shard to restore the keys.” 
 

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”.

Markets in this article

BTC/USD
Bitcoin / USD
60129.60 USD
1514.55 +2.580%
ETH/USD
Ethereum / USD
3199.58 USD
33.25 +1.050%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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