Voyager is selling crypto assets through Coinbase, suggests on-chain data

Voyager Digital, the centralized concern (CeFi) level that filed for Chapter 11 bankruptcy successful July 2022, is reportedly selling assets done the Coinbase crypto exchange. On-chain information suggest that Voyager received astatine slightest $100 cardinal successful USD Coin (USDC) successful 3 days, starting Feb. 24.

Since Valentine’s Day, Feb. 14, Voyager has sent crypto assets to Coinbase connected an astir regular basis, alleges on-chain expert Lookonchain. The probe shows that Voyager transferred millions of dollars utilizing a mixed container of cryptocurrency tokens, including Ether (ETH), Shiba Inu (SHIB) and Chainlink (LINK).

— Lookonchain (@lookonchain) February 26, 2023

Lookonchain revealed Voyager’s usage of 23 tokens, valued astatine implicit $100 million. The representation beneath shows a database of tokens with their worth successful U.S. dollars. However, Coinbase has not yet responded to Cointelegraph’s petition for remark to corroborate the claim’s legitimacy.

List of tokens sold by Voyager connected Coinbase. Source: Lookonchain

Despite the sell-off, Voyager holds astir $530 cardinal successful crypto, with the largest shares successful Ether ($276 million) and Shiba Inu ($81 million).

Related: Voyager creditors service SBF a subpoena to look successful tribunal for a ‘remote deposition’

Amid the alleged sell-off of funds, the United States Securities and Exchange Commission (SEC) objected to Binance.US’ determination to get implicit $1 cardinal of assets belonging to Voyager.

In a Feb. 22 filing submitted to the U.S. Bankruptcy Court for the Southern District of New York, the SEC stated:

“However, the Debtors (Binance.US) person yet to show that they would beryllium capable to behaviour specified income successful compliance with the national securities laws.”

The filing highlights concerns implicit the lawfulness and quality to undertake planned plus restructuring done the acquisition. It besides questions whether Voyager debtors tin recoup immoderate of their assets pursuing the firm’s bankruptcy.