On-Chain Data Shows Voyager Is Selling Crypto via Coinbase

Voyager Digital, a centralized finance (CeFi) platform that filed for Chapter 11 bankruptcy protection in July 2022, reportedly sold assets through the Coinbase exchange. On-chain data shows that starting from February 24th, Voyager received at least USD 100 million in USDC within 3 days.

On-chain analyst Lookonchain claims that Voyager has been sending cryptocurrency to Coinbase on an almost daily basis since Feb. 14. The investigation revealed that Voyager moved millions of dollars in various tokens, including ETH, SHIB, and LINK.


source: watch chain

Lookonchain revealed that Voyager used 23 tokens worth more than $100 million. The image below shows a list of coins with dollar values. However, Coinbase has not yet responded to a request for comment to confirm the news.


List of tokens Voyager is selling on Coinbase | Source: Lookonchain

Still, Voyager holds nearly $530 million in cryptocurrencies, with the lion’s share in ETH ($276 million) and SHIB ($81 million).

In a so-called fund sell-off, the U.S. Securities and Exchange Commission (SEC) objected to Binance.US’ move to buy back more than $1 billion in assets belonging to 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 not demonstrated that they are able to make such purchases under the federal securities laws.”

The document highlighted concerns about the legality and viability of asset restructuring through the acquisition plan. It also questioned whether Voyager’s debtors would be able to recover some of their assets in bankruptcy.

  • SEC and NYDFS Oppose Binance Voyager Acquisition Agreement
  • The SEC questioned Binance.U.S. can’t afford to buy back $1.02 billion in Voyager assets
  • Huobi and KuCoin Allow Russian Customers to Trade in USDT Despite Sanctions


As reported by Cointelegraph

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