It has been revealed that the centralized finance (CeFi) platform known as Voyager Digital has been selling its assets via the cryptocurrency exchange known as Coinbase. Voyager Digital filed for Chapter 11 bankruptcy in July 2022. On-chain data suggests that Voyager was paid a minimum of one hundred million dollars in USD Coin (USDC) over the course of three days beginning on February 24.
According to the assertions of the on-chain expert Lookonchain, Voyager has been sending cryptocurrency assets to Coinbase on an almost daily basis since Valentine’s Day. According to the findings of the inquiry, Voyager moved millions of dollars using a variety of cryptocurrency tokens, such as Chainlink (LINK), Ether (ETH), and Shiba Inu (SHIB) (LINK). In spite of what seems to be a sell-off, Voyager still has about $530 million worth of cryptocurrency in its possession, with the greatest amounts held in Ether (about $276 million) and Shiba Inu (about $81 million).
The purported sale of money takes place at the same time as the United States Securities and Exchange Commission (SEC) has expressed concerns over Binance.acquisition US’s of over one billion dollars’ worth of assets that had belonged to Voyager. The SEC has raised concerns regarding the legality of such a transaction, and as a result, they have objected to the acquisition. Additionally, they have requested additional information from Binance.US in order to determine whether or not the transaction is in compliance with the regulatory requirements.
Voyager Digital has suffered a significant setback as a result of the bankruptcy petition that was filed in July 2022, and the company has been making efforts to reorganize its finances ever since then. It is widely acknowledged that the selling of its assets on Coinbase is a key step for the company to acquire funds and remain operational. On the other hand, a number of industry professionals have voiced their worry over the effect that such a massive sell-off would have on the cryptocurrency market and the possible repercussions that it will have for investors.
It is not yet clear what lies ahead for Voyager Digital and whether or not the company will be able to emerge victorious from its current financial predicament. Despite this, the decision to sell assets on Coinbase is indicative of the company’s proactive actions to solve its financial issues and seek new opportunities for development.
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