Bankrupt Lender Voyager Selling Assets Via Coinbase Per Reports

On-chain data shows Voyager Digital sent over $100m to Coinbase in the last 3 days and more assets since Valentine’s.

A hand holding UFO abducting crypto coins above the digital terrain.
  • Bankrupt crypto lender Voyager Digital has been selling its assets, with Coinbase being the biggest beneficiary.
  • On-chain data from Lookonchain shows that Voyager has sold over $100 million of crypto assets to Coinbase.
  • The sale of crypto assets comes amidst several roadblocks to its $1 billion Binance acquisition deal.

On-chain data from Lookonchain shows that the bankrupt cryptocurrency lender, Voyager Digital, has reportedly been selling its digital assets through Coinbase amidst its ongoing proceedings. 

A week after Voyager Digital was reported to have transferred $28.7 million worth of digital assets to various crypto exchange platforms, the crypto lender is now selling some of its assets through Coinbase.

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On-chain data shows that Voyager Digital, the cryptocurrency lending platform that filed for Chapter 11 bankruptcy in July 2022, has sent at least $100 million in USD Coin (USDC) over the last three days, Lookonchain reports.

Voyager Has Been Sending Assets Since Valentine’s Day

According to the on-chain data analyst, Lookonchain, since February 14th, the bankrupt crypto lender has sent crypto assets to Coinbase almost every single day in different assets, including Ethereum (ETH), Shiba Inu (SHIB), and Chainlink (LINK).

The claims from Lookonchain of crypto transfers from Voyager Digital follow an alert from blockchain cybersecurity firm, PeckShield that the crypto lender has been sending out funds. 

According to PeckShield, Voyager Digital received 105k $ETH ($ETH at $1,559 on the day of transfer) from FTX on September 7th, 2022. The crypto lender now holds $631 million worth of crypto assets, mainly in ETH, USDC, and SHIB.

Voyager Hits Roadblocks in Its Binance.US Deal 

In December, Binance.US announced plans for the crypto assets and customer deposits of Voyager Digital in a $1.02 billion deal. However, since then, the deal has come against one roadblock after another.

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The U.S. Securities and Exchange Commission (SEC) objected to the acquisition in the first week of January. According to the SEC, Binance failed to include necessary information in a disclosure statement.

In a court filing on Friday, Texas authority cast further doubts about the deal. According to the filing, if the deal pulls through and Alameda Research proves its administrative expense claims, customer recovery could be decreased from 51% to 24%-26%.

On the Flipside

  • Despite the multiple regulatory challenges, Binance.US has confirmed in an email to its customers that the Voyager acquisition will proceed.

Why You Should Care 

In an already complex case, the sale of assets by Voyager Digital has raised significant concerns among industry experts about the future of the crypto lender, their customers, and the crypto market.

Find more details about the Binance deal in:
Binance.US to Buy Bankrupt Crypto Lender Voyager’s Assets for $1.02 Billion

Read about the SEC objection below:
SEC Objects to Binance.US’ $1B Voyager Acquisition Deal, Says Lender Might Have Sold Unregistered Securities

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia