It appears that Voyager Digital, a CeFi platform that filed for Chapter 11 bankruptcy in July 2022, is currently selling assets through the popular crypto exchange Coinbase. Based on on-chain data, Voyager has received at least $100 million worth of USD Coin in just 3 days, starting February 24.
Crypto sent to Coinbase almost daily
Voyager has been transferring crypto assets to Coinbase almost daily since Valentine’s Day, February 14, according to on-chain analyst named ‘Lookonchain’. Research shows that Voyager has sent millions of dollars through a mix of crypto tokens, including Ethereum, Shiba Inu and Chainlink. Through a tweet this has been emphasized again.
In total, Voyager would have used about 23 different crypto tokens during these almost 2 weeks, which together represent a value of about $100/€94.48 million.
Despite Voyager’s activities, they still own nearly $530/€500 million worth of crypto. The largest cryptos of these are Ethereum ($276/€260 million) and Shiba Inu ($81/€77 million).
Objection to acquisition
During the purported sale of the digital assets, the US Securities and Exchange Commission (SEC) objected to Binance.US’s acquisition of more than $1 billion in Voyager assets.
She filed for this on February 22 in the US Bankruptcy Court for the Southern District of New York. This included the following:
The debtors (Binance.US) have yet to demonstrate that they could make such sales in accordance with federal securities laws.
The submitted documents reveal concerns about the legality and feasibility of the planned restructuring process of the acquired digital assets. It also raises the question of whether Voyager’s debtors will be able to reclaim some of their digital assets following the crypto company’s bankruptcy.