Centralized finance (CeFi) platform Voyager Digital, which filed for Chapter 11 bankruptcy protection in July 2022, is reportedly selling assets through the Coinbase cryptocurrency exchange, according to reports. On-chain data suggests Voyager received at least $100 million in USD Coinm, In three days, starting February 24.
Voyager has been sending crypto assets to Coinbase almost every day since Valentine’s Day, February 14, according to on-chain analyst Lookonchain. Voyager Moved Millions Using Mixed Crypto Tokens, Including Ether, Shiba Inu and Chainlink.
Lookonchain revealed that Voyager used 23 tokens worth more than $100 million. The image below shows the list of tokens denominated in USD. However, Coinbase has yet to respond to Cointelegraph’s request for comment to confirm the legitimacy of the claim. Despite the sell-off, Voyager still holds nearly $530 million in cryptocurrencies, with the largest holdings in ether ($276 million) and Shiba Inu ($81 million).
In a so-called fund sell-off, the U.S. Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire more than $1 billion in assets from Voyager.
In a February 22 filing with the U.S. Bankruptcy Court for the Southern District of New York, the SEC said: “However, the Debtors (Binance.US) have yet to demonstrate that they would be able to conduct such sales in compliance with the federal securities laws.” The document highlighted concerns about the legality and ability to carry out planned asset restructurings through acquisitions. It also questioned whether Voyager debtors could recover some of their assets in bankruptcy.
