On-chain Evidence Reveals Voyager's Selling Crypto Through Coinbase

On-chain expert Lookonchain claims that from February 14, Voyager has delivered cryptocurrency assets to Coinbase practically every day.

The centralized finance (CeFi) network Voyager Digital, which filed for Chapter 11 bankruptcy in July 2022, is apparently selling assets on the Coinbase cryptocurrency exchange. Due to on-chain data, starting on February 24, Voyager received at least $100 million in USD Coin over the course of three days.

Apparently to on-chain expert Lookonchain, Voyager has been sending cryptocurrency assets to Coinbase practically every day since Valentine's Day on February 14. The research reveals that Voyager transferred millions of dollars using a variety of cryptocurrency tokens, including Chainlink, Ether, and Shiba Inu.

Lookonchain disclosed that Voyager used 23 tokens, totaling more than $100 million.

Voyager still holds almost $530 million worth of cryptocurrency, including significant amounts of Ether ($276 million) and Shiba Inu ($81 million), despite the recent sell-off.

The SEC has raised objections to Binance.US's proposed acquisition of Voyager's assets worth over $1 billion, citing concerns about potential regulatory issues. This information was revealed in a filing submitted by the SEC to the US Bankruptcy Court for the Southern District of New York on February 22.

“However, the Debtors (Binance.US) have yet to demonstrate that they would be able to conduct such sales in compliance with the federal securities laws.”

Concerns regarding the legality and capability of carrying out the anticipated asset restructure through the acquisition are raised in the filing. It also concerns whether debtors of Voyager will be able to recover some of their assets after the company declares bankruptcy.