The bankrupt crypto broker Voyager Digital is selling its cryptocurrency holdings at a fast pace as the firm transferred $121M worth of assets to crypto exchanges in February.
The blockchain intelligence firm Arkham recorded these selloffs and made them public in a tweet on early Tuesday, February 28th. According to the firm, Voyager digital is selling assets at a rate of around $100 million per week and hold approximately $700 million of crypto assets in two large wallets.
February Deposits to Exchanges Amounts to $121M
Arkahm data reveals that Voyager Digital is selling mostly through Coinbase and Binance US. The crypto broker deposited at least some $54 million of cryptocurrencies to Coinbase and Binance US in the past week, most likely to sell these tokens.
As per the Arkham data, the transferred assets include around $25 million of ETH, $12.1 million of SHIB, and $2.5 million of Chainlink’s LINK to crypto exchanges. Counting these transfers, the total amount deposited to exchanges in February 2023 is calculated to be $121 million.
There is a strong notion that these transfers are meant to sell these tokens as Voyager has received some $150 million in USDC stablecoin from Coinbase in the past few days. According to the Twitter account Lookonchain, the bankrupt crypto broker has been sending its assets to Coinbase daily since February 14.
Arkham calculation shows Voyager held approximately $700 worth of assets in two large wallets at the time of the tweet which contain $268 million in Ether (ETH), $236 million in USDC, and $77 million in Shiba Inu (SHIB).
Other notable assets include $63 million in its own VGX token, some $13 million in LINK, $5.5 million in Fantom (FTM), and around $5 million in Bored Ape’s APE token.
In a further development of Voyager’s bankruptcy case, the firm has agreed to reserve $445 million, after Alameda Research sued the firm for loan repayments.
Binance-Voyager Deal Again Faces Headwind
Last week, Voyager’s Attorney told the court that 97% of creditors had voted to go ahead with plans to sell Voyager assets to Binance US. Binance US entered into a good faith agreement with Voyager to acquire the crypto lender’s assets in December 2022.
As reported, in January 2023, the US regulators objected to the deal citing the lack of disclosed information. The parties involved presented an amended plan to go through with the agreement. However, this revamped plan is also facing a headwind from regulators.
Last week, the SEC, NYDFS, and others filed an objection to this new plan citing various deficiencies.
