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Voyager is selling crypto assets through Coinbase, suggests on-chain data

Voyager Digital, the centralized finance (CeFi) platform that filed for Chapter 11 chapter in July 2022, is reportedly promoting property by the Coinbase crypto change. On-chain information counsel that Voyager obtained at the least $100 million in USD Coin (USDC) in three days, beginning Feb. 24.

Since Valentine’s Day, Feb. 14, Voyager has despatched crypto property to Coinbase on an nearly each day foundation, alleges on-chain analyst Lookonchain. The investigation exhibits that Voyager transferred thousands and thousands of {dollars} utilizing a combined bag of cryptocurrency tokens, together with Ether (ETH), Shiba Inu (SHIB) and Chainlink (LINK).

Lookonchain revealed Voyager’s use of 23 tokens, valued at over $100 million. The picture beneath exhibits a listing of tokens with their worth in U.S. {dollars}. Nonetheless, Coinbase has not but responded to Cointelegraph’s request for remark to substantiate the declare’s legitimacy.

Record of tokens bought by Voyager on Coinbase. Supply: Lookonchain

Regardless of the sell-off, Voyager holds practically $530 million in crypto, with the most important shares in Ether ($276 million) and Shiba Inu ($81 million).

Associated: Voyager collectors serve SBF a subpoena to seem in court docket for a ‘distant deposition’

Amid the alleged sell-off of funds, the US Securities and Change Fee (SEC) objected to Binance.US’ transfer to accumulate over $1 billion of property belonging to Voyager.

In a Feb. 22 submitting submitted to the U.S. Chapter Court docket for the Southern District of New York, the SEC said:

“Nonetheless, the Debtors (Binance.US) have but to reveal that they’d be capable to conduct such gross sales in compliance with the federal securities legal guidelines.”

The submitting highlights issues over the lawfulness and skill to undertake deliberate asset restructuring by the acquisition. It additionally questions whether or not Voyager debtors can recoup a few of their property following the agency’s chapter.

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