• Voyager Digital, a bankrupt cryptocurrency lender, has been selling its digital assets to Coinbase.
• On-chain data reveals that the crypto lender has sent over $100 million in USD Coin (USDC) to Coinbase in the past three days.
• This comes after the failed $1 billion Binance acquisition deal and an alert from blockchain cybersecurity firm, PeckShield that Voyager had transferred $28.7 million worth of cryptos to different exchanges.
Voyager Digital Selling Assets via Coinbase
Voyager Digital, a bankrupt cryptocurrency lender, has reportedly been selling its digital assets through Coinbase amidst its ongoing proceedings. On-chain data shows that the crypto lender has sent at least $100 million in USD Coin (USDC) over the last three days to Coinbase.
Failed Acquisition Deal
The sale of crypto assets comes amidst several roadblocks to its $1 billion Binance acquisition deal which eventually fell through due to regulatory issues.
Alert From Blockchain Cybersecurity Firm
This follows an alert from blockchain cybersecurity firm, PeckShield that Voyager had transferred $28.7 million worth of cryptos to different exchanges including 15k Ethereum ($25.3M) to Binance US & Coinbase and 250B Shiba Inu ($3.4M) coins also going to Coinbase on September 7th, 2022. At the time of transfer one Ethereum was valued at $1,559 each making for a total transfer value of over $105 million dollars worth of various cryptocurrencies on the day of transfer alone by Voyager Digital according to Lookonchain’s analysis of their on-chain data.
Current Crypto Holdings
The crypto lender now holds approximately $631 million worth of crypto assets mainly in Ethereum (ETH), USD Coin (USDC), and Shiba Inu (SHIB).
Conclusion
It is unclear why exactly Voyager is selling off its digital assets but it does appear as though they have been doing so since Valentine’s Day with transfers going out almost every day since then according to Lookonchain’s analysis of their on-chain data sources related to this matter
