Voyager Digital CFO Exits After 5-Month Term

CEO Stephen Ehrlich will take over former CFO Ashwin Prithipaul’s duties in the interim

article-image

Blockworks exclusive art by axel rangel

share
  • Prithipaul worked at Voyager for barely five months
  • The lender’s creditors opposed an employee retention bonus proposal last month

Voyager Digital’s chief financial officer (CFO) resigned some three months after the crypto lender filed for bankruptcy.

Ashwin Prithipaul, who worked there for just five months, will leave after a transition period for other opportunities, the company said in a statement on Friday. CEO Stephen Ehrlich will take up his duties in the meantime.

“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 in the statement. 

Prithipaul previously held CFO roles at financial brokerage DriveDigital and at crypto investment firm Galaxy Digital. It isn’t clear where Prithipaul is headed next.

Voyager is among a handful of crypto lenders hurt by the recent crypto market downturn. The unraveling of the market led by bankruptcies at Three Arrows Capital, Celsius and Voyager highlighted the perils of contagion and poor risk management. The firm had more than 100,000 creditors at the time of insolvency, but it has drawn ample interest to warrant competing bids for its remaining assets.  

Creditors objected to employee retention bonuses

The firm had wanted to pay retention bonuses to employees during its bankruptcy proceedings under a “key employee retention plan” proposal. It had marked 38 employees as key to the business due to their “valuable institutional knowledge” that would be expensive to replace quickly. If executed, the plan would’ve cost nearly $2 million. 

But Voyager’s creditors objected, saying the firm hadn’t provided enough reasons to warrant that decision. They also opposed the fact that Voyager had made no layoffs, unlike other crypto companies like Coinbase, Bitpanda, BlockFi and Blockchain.com. At the time, only 12 employees had left voluntarily. 

Voyager is set to liquidate its assets after an auction, with the final results set to be announced on Sept. 29 at 2:00 pm ET.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /