Voyager Digital sold over $100 million worth of crypto assets through the crypto exchange Coinbase.
Voyager Digital, a now-bankrupt cryptocurrency lender established in 2018, has reportedly sold a chunk of its digital assets through the cryptocurrency exchange Coinbase.
According to the Twitter thread shared by Lookonchain on February 26th, Voyager has received at least 100 million worth of USD Coin (USDC) from Coinbase.
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On top of that, on-chain data obtained by crypto analyst Lookonchain revealed that Voyager has been completing transactions to Coinbase since February 14th. Based on Lookonchain, the transfers were made almost every other day.
Lookonchain data shows that Voyager sold 23 different cryptocurrencies with a total value of over $100 million. The biggest transactions made by Voyager Digital included over 2 trillion SHIBA INU (SHIB) tokens, 302 million Spell tokens (SPELL), and 34 million StormX (STMX) tokens. Voyager also sold cryptocurrencies like ETH, VGX, LINK, OCEAN, and UNI.
Despite going on the selling spree, Voyager Digital still holds around $631 million worth of crypto assets. The bankrupt crypto lender has 6.5 trillion Shiba Inu (SHIB) tokens, 1.17 billion StormX (STMX), and 186 million USD Coin (USDC). Other cryptocurrencies in its wallet include ETH, LINK, AVAX, MANA, FTM, and APE.
At the time of writing, Voyager has not issued an official comment regarding the matter.
The massive sell-off from Voyager comes days after the United States Securities and Exchange Commission (SEC) filed an objection to the US Bankruptcy Court for the Southern District of New York over its deal with Binance.US. In the filing, US SEC noted:
However, the Debtors (Binance.US) have yet to demonstrate that they would be able to conduct such sales in compliance with the federal securities laws.
In a nutshell, in its objection, SEC claims that the sale agreement violates the securities laws, and it is unclear whether or when Voyager debtors will be able to obtain its funds locked in a bankrupt crypto lender.
