Voyager Digital, a centralized finance platform (CeFi) that filed for Chapter 11 bankruptcy in July 2022, is reportedly selling its assets through crypto exchange Coinbase. On-chain data shows that Voyager received at least $100 million in USD Coin (USDC) in three days, starting on February 24.
Since Valentine’s Day, February 14, Voyager has been sending crypto assets to Coinbase every day, according to on-chain analyst Lookonchain. The investigation revealed that Voyager transferred millions of dollars using a mixed bag of cryptocurrency tokens, including Ether (ETH), Shiba Inu (SHIB) and Chainlink (LINK).
1 / It seems that # Voyager is selling assets through #Coinbase.
We noticed that # Voyager has received 100M $ USDC from #Coinbase in the past 3 days.
and # Voyager have sent assets to #Coinbase almost every day since Feb 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk
— Lookonchain (@lookonchain) February 26, 2023
Lookonchain revealed the use of 23 Voyager tokens, worth more than $100 million. The image below shows a list of tokens with their value in US dollars. However, Coinbase has not yet responded to Cointelegraph’s request for comment to confirm the legitimacy of the claim.
Despite the sale, Voyager holds nearly $530 million in crypto, with the largest holdings in Ether ($276 million) and Shiba Inu ($81 million).
related: Voyager creditors subpoena SBF to appear in court for ‘remote deposition’
Amidst the alleged fund sale, the United States Securities and Exchange Commission (SEC) objected to Binance.US’s move to acquire more than $1 billion in assets belonging to Voyager.
In a Feb. 22 filing filed with the U.S. Bankruptcy Court for the Southern District of New York, the SEC stated:
“However, the Debtors (Binance.US) have not demonstrated that they will be able to conduct such sales in compliance with federal securities laws.”
The filing highlighted concerns about the legality and ability to carry out the planned asset restructuring through acquisition. It’s also a question of whether Voyager’s debt can recover some of its assets after the company goes bankrupt.