Source: blockchain.news
It has been revealed that the centralized finance (CeFi) platform known as Voyager Digital has been selling its assets through the cryptocurrency exchange known as coin base. Voyager Digital filed for Chapter 11 bankruptcy in July 2022. On-chain data suggests that Voyager was paid a minimum of $100 million in USD Coin (USDC) over the course of three days beginning on the 24th of February.
According to claims by chain expert Lookonchain, Voyager has been sending cryptocurrency assets to Coinbase on an almost daily basis since Valentine’s Day. According to the investigation’s findings, Voyager moved millions of dollars using a variety of cryptocurrency tokens, including Chainlink (LINK), Ether (ETH), and Shiba Inu (SHIB) (LINK). Despite what appears to be a sell-off, Voyager still holds about $530 million worth of cryptocurrency, with the largest amounts in Ether (about $276 million) and Shiba Inu (about 81 million). Dollars).
The alleged sale of money takes place at the same time that the United States Securities and Exchange Commission (SEC) raised concerns about Binance. The SEC has raised concerns regarding the legality of the transaction and has opposed the acquisition as a result. Furthermore, they have requested additional information from Binance.US to determine whether or not the transaction meets regulatory requirements.
Voyager Digital has suffered a significant setback as a result of the bankruptcy filing that was filed in July 2022, and since then the company has been making efforts to reorganize its finances. It is widely recognized that selling your Coinbase assets is a key step for the company to acquire funds and remain operational. On the other hand, several industry professionals have expressed concern about the effect such a massive sell-off would have on the cryptocurrency market and the possible repercussions it will have for investors.
It’s still unclear what lies ahead for Voyager Digital and whether or not the company will be able to emerge victorious from its current financial situation. Despite this, the decision to sell assets on Coinbase is indicative of the company’s proactive actions to solve its financial problems and seek new development opportunities.
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