Voyager is Secretly Selling Assets via Coinbase

A centralized finance-based platform named Voyager Digital (which submitted a bankruptcy filing in 2022’s July) is reportedly selling its assets via the crypto exchange Coinbase. The on-chain data signifies that the platform got a minimum of up to $100M in the well-known stablecoin named USD Coin from February 24 onwards for up to 3 days. Since the 14th of February, the company has delivered its crypto assets to the crypto exchange on regular basis, as alleged by Lookonchain (an on-chain analyst).

Voyager Reportedly Sells Its Digital Assets via Coinbases, as Disclosed by on-Chain Data

The investigation reveals that millions were supposedly transacted by Voyager with the use of the mixed bundle of crypto assets. The respective crypto tokens take into account Chainlink (LINK), Shiba Inu (SHIB), and Ether (ETH). Lookonchain brought to the front that Voyager utilized up to 23 crypto tokens having a worth of more than $100m.

Nonetheless, no response has yet been made by the crypto exchange Coinbase on the respective matter up till now. The transferred Shiba Inu tokens had a worth of $28M while ETH transacted contained an amount of nearly $25M. The VGX, LINK, OCEAN, UNI, MANA, ENJ, and SAND were also included in the transacted tokens. Their transferred amounts were $12.85 million, $4.74 million, $3 million, $2.28 million, $2.15 million, $1.88 million, and $1.65 million respectively.

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Irrespective of the latest sell-off, nearly $530M is held by Voyager in crypto assets. The largest proportion of the respective digital-asset holdings includes Ether and Shiba Inu. The worth of Ether tokens possessed by Voyager in crypto holdings is $276 million. In addition to this, the value of Shiba Inu assets of Voyager comprises approximately $81 million.

The other digital assets that are still kept by Voyager include LINK, AVAX, STMX, MANA, FTM, and APE tokens. Their values are $15.8 million, $10.5 million, $8.3 million, $7.88 million, $5.6 million, and $5.1 million. Simultaneous to this alleged event, the Securities and Exchange Commission of the United States questioned the move taken by Binance.US to obtain more than $1B worth of digital assets held by Voyager.

SEC Claims Binance.US Has to Prove Such Sales’ Applicability under the Federal Securities Laws

SEC submitted a filing with the US Bankruptcy Court for the Southern District of New York on February 22. In that filing, the securities regulator noted that the debtors – while referring to Binance.US – have not demonstrated their ability to carry out such sales while complying with the federal securities laws.