Voyager Digital, the New York-based centralized finance (CeFi) platform, filed for Chapter 11 bankruptcy in July 2022 after failing to obtain a new line of credit. The company, which provides cryptocurrency trading services for retail and institutional investors, had been struggling with rising debt and declining user growth.

Since then, Voyager has been looking for ways to raise capital and pay off its creditors. According to recent reports, the company has resorted to coin baseone of the world’s largest cryptocurrency exchanges, to sell some of its assets and raise cash.

On-chain data from Lookonchain, an independent analytics firm, suggests that Voyager has sent at least $100 million in USDC to Coinbase in the past three days. The transfers, which began on February 24, included a mix of cryptocurrency tokens, including Ether, Shiba Inu, and Chainlink.

Despite the liquidation, Voyager still holds a substantial amount of crypto assets, with a total value of almost $530 million. Most of his holdings are in Ether, which is currently worth around $1,500 per coin, and Shiba Inu, a meme-inspired token that has earned a cult following among retail investors.

However, the fate of Voyager’s remaining assets is uncertain. The United States Securities and Exchange Commission (SEC) raised concerns about the company’s financial stability and recently opposed Binance.US’s proposed acquisition of over $1 billion in assets. belonging to Voyager.

The SEC argued that Binance.US, which is a subsidiary of the world’s largest cryptocurrency exchange, failed to demonstrate that it could adequately safeguard the assets and protect the interests of Voyager’s creditors.

Voyager’s decision to sell its assets through Coinbase has sparked speculation among industry analysts about the future of centralized finance and the role of crypto exchanges in providing liquidity to struggling platforms.

While the cryptocurrency market has seen a resurgence in investor interest and rising valuations for major tokens such as Bitcoin and Ethereum, the fate of smaller players like Voyager remains uncertain. The company’s bankruptcy filing and subsequent asset sales highlight the risks and challenges of operating in the rapidly evolving and volatile world of cryptocurrency trading.