Voyager Begins Selling Crypto Assets on Coinbase

Ever since Voyager Digital went bankrupt in July of 2022, the company has explored various ways of getting back on its feet.

First, there was a deal with FTX, which won the bid for its assets shortly before imploding, nullifying that agreement. The FTX Group would, in fact, go on to sue Voyager over a loan they repaid, attempting to claw it back.

Deal With Binance US Stalled

Since then, Voyager Digital reached a deal with Binance US regarding its crypto assets, with the latter willing to pay $1.02 billion for the defunct exchange’s assets. Voyager creditors could then be 51% reimbursed by Binance US. The deal has since stalled, however, as the SEC objected, citing regulatory concerns.

“There are numerous public reports and press accounts concerning investigations into the purchaser and its affiliates. Regulatory actions, whether involving Voyager, Binance.US, or both, could render the transactions in the Plan impossible to consummate, thus making the Plan unfeasible.”

The alternative to Binance US’s buyout would be the reimbursement of customers directly from Voyager’s coffers – which would ultimately lead to a smaller payout.

However, a third option appears to have been taken into consideration: simply selling off the assets.

Voyager Selling $100 Million Per Week

According to blockchain analysis firm Arkham Intel, Voyager Digital has begun selling off its crypto assets for cash on other crypto exchanges, mainly Coinbase.

About $100 million worth of assets are being sold every week. According to Arkham, Voyager’s main assets consist of 268 million ETH, 236 million USDC, and 77 million SHIB. However, other cryptocurrencies are also being sold off.

The team at blockchain analysis firm Lookonchain has provided a list of digital assets that moved to Coinbase over the past few days, including LINK, UNI, and more.

However, the most interesting asset here is VGX – Voyager’s proprietary token, 28.5 million of which were moved to Coinbase’s coffers. If these tokens were to be sold off, it could be a very clear warning sign that Voyager is in even bigger trouble than imagined.

So far, it is unclear whether Voyager intends to repay creditors with cash, consolidate its assets in cash to offer an easier buyout, or reimburse creditors with the proceeds.

The post Voyager Begins Selling Crypto Assets on Coinbase appeared first on CryptoPotato.

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