According to data given by Lookonchain, Voyager Digital, the cryptocurrency lender that declared bankruptcy last year, has sold a sizable percentage of its bitcoin assets on Coinbase during the previous four days. The sale resulted in the liquidation of 49 tokens for a total of around $63 million.
781 Bitcoin ($23M), 9,570 Ethereum ($17.6M), 1.4 trillion Shiba Inu ($14.4M), and other cryptocurrencies like LINK and MATIC were among the items sold. This action follows Voyager’s announcement in May that consumers will receive back around 35% of their bitcoin deposits when the company ceased operations.
This series of transactions was further enhanced by a large USDC-related move made by Voyager. The company sent 85 million USDC to Circle after receiving 84.5 million USDC from Coinbase.
At $11.3 million, Voyager’s current asset holdings are quite sizable and include, among other things, 52.4 million VGX worth $8.27 million and 55 BTC worth $1.62 million.
This sell-off takes place against a background of significant financial unrest in the cryptocurrency sector and, specifically, Voyager’s troubles. Voyager filed for Chapter 11 bankruptcy protection in July, citing cryptocurrency market volatility and a large default by cryptocurrency hedge fund Three Arrows Capita
An attempt by the company to sell its assets to the now-defunct FTX for $1.42 billion failed, and a subsequent attempt when Binance.US withdrew its $1.3 billion offer also failed.
Despite the dire situation, Voyager keeps up with its responsibilities while selling off assets to repay its consumers. It estimated that it may recover about 35% of client deposits in May.
