Voyager received more than 100M$ USDC from Coinbase in the past 3 days – Lookonchain

Voyager is selling its crypto assets thought Coinbase USDC as suggested by onchain data from Lookonchain.

On July 5th, 2022, Voyager Digital Holdings, Inc. and two related debtors voluntarily submitted petitions for Chapter 11 bankruptcy protection under the U.S. Bankruptcy Code. These bankruptcy cases are being jointly administered under the jurisdiction of Case No. 22-10943 and overseen by Judge Michael E. Wiles in the Southern District of New York Bankruptcy Court.

Despite bankruptcy filing, since Feb 14th, lot of selling appears to have happened even with the ongoing discussion on Voyager and Binance.US deal.

Voyager’s crypto holdings still remain significant, amounting more than $500 million. Among the top holdings are Ethereum, valued at $270 million, and Shiba Inu, with a value of $80 million at the price of writing based on the market value .

You may be interested in “Regulators oppose Binance.US and Voyager’s billion$ deal for being unlawful, with a focus on Voyager’s VGX token“

The below tokens were sent to Voyager to Coinbase since Feb 14th:

2.24T $SHIB($28M) – 15,635 $ETH($25M) – 28.5M $VGX($12.85M) – 640K $LINK($4.74M) – 7.75M $OCEAN($3M) – 350K $UNI($2.28M) – 3.26M $MANA($2.15M) – 4M $ENJ($1.88M) – 2.3M $SAND($1.64M), 172,223 $ETH($276M) – 186M $USDC – 6.5T $SHIB($81M) – 2.14M $LINK($15.8M) – 581,052 $AVAX($10.5M) – 1.17B $STMX($8.3M) – 11.9M $MANA($7.88M) – 12M $FTM($5.6M) – 1M $APE($5.1M)

The below two addresses are proof as per Lookonchain analysis :

• https://etherscan.io/address/0x203520f4ec42ea39b03f62b20e20cf17db5fdfa7
• https://etherscan.io/address/0x500a746c9a44f68fe6aa86a92e7b3af4f322ae66

See more

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 has sent assets to #Coinbase almost every day from Feb 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk

— Lookonchain (@lookonchain) February 26, 2023

What is Voyager Digital and Why did it file for Bankruptcy?

Voyager Digital, in its filing (PDF), revealed that it owed FTX founder, Sam Bankman-Fried’s Alameda Research $75 million and approximately $960,000 to Google. Alameda Research provided Voyager a lifeline of $485 million at the time of filing along with other creditors. The platform was created to offer investors access to crypto asset trading with speed, simplicity, liquidity, and transparency. However, due to the ongoing volatility and contagion in the crypto markets and the default of Three Arrows Capital on a loan from its subsidiary, Voyager Digital LLC, the CEO of Voyager, Stephen Ehrlich, stated in a press release that they must take swift and deliberate action.

Conclusion

Millions of Voyager customers lost their crypto custody and customers are unsure if they will ever see the money back in any form. The last hope was Binance.US and Voyager merger which doesn’t appear to see light due to regulators blocking them. In midst of all these, Voyager still performs transactions while its customers who had crypto in the platform are in no man’s land.