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

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

by SuperiorInvest

Voyager Digital, centralized finance (CeFi) the platform, which filed for Chapter 11 bankruptcy in July 2022, is reportedly selling assets through the Coinbase crypto exchange. On-chain data indicates that Voyager received at least $100 million in USD Coin (USDC) in three days, starting on February 24.

Since Valentine’s Day, February 14, Voyager has been sending crypto assets to Coinbase almost daily, according to on-chain analyst Lookonchain. The investigation shows that Voyager transferred millions of dollars using a mixed bag of cryptocurrency tokens, including Ether (ETH), Shiba Inu (SHIB) and Chainlink (LINK).

Lookonchain revealed that Voyager uses 23 tokens worth over $100 million. The image below shows a list of tokens with their value in US dollars. However, Coinbase has not yet responded to Cointelegraph’s request for comment to confirm the validity of the claim.

List of tokens sold by Voyager on Coinbase. Source: Lookonchain

Despite the selloff, Voyager holds nearly $530 million in cryptocurrency, with the largest holdings in Ether ($276 million) and Shiba Inu ($81 million).

Related: Voyager’s creditors issue subpoena to SBF to appear for ‘remote storage’

Amid the alleged sell-off of funds, the United States Securities and Exchange Commission (SEC) has raised objections to Binance.US’ move to acquire more than $1 billion in assets belonging to Voyager.

In a Feb. 22 filing with the U.S. Bankruptcy Court for the Southern District of New York, the SEC said:

“However, the Borrowers (Binance.US) must still demonstrate that they would be able to make such sales in compliance with federal securities laws.”

The filing highlights concerns about the legality and ability to carry out the planned restructuring of assets through an acquisition. He also questions whether Voyager’s debtors can recover some of their assets after the firm’s bankruptcy.

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