According to reports, the centralized finance (CeFi) platform Voyager Digital is selling assets on the Coinbase cryptocurrency market. Voyager Digital filed for Chapter 11 bankruptcy in July 2022. According to on-chain statistics, Voyager received at least $100 million in USD Coin over the course of three days beginning on February 24.
According to on-chain expert Lookonchain, Voyager has been sending cryptocurrency assets to Coinbase every day since Valentine’s Day on February 14. According to the inquiry, Voyager moved millions of dollars using a variety of cryptocurrency tokens, including Chainlink, Shiba Inu, and Ether.
Lookonchain disclosed that Voyager used 23 tokens, totaling more than $100 million. A list of tokens with their dollar values is shown in the image below.
Despite the sell-off, Voyager still has nearly $530 million in cryptocurrency, with the largest holdings being Shiba Inu ($81 million) and Ether ($276 million).
The United States Securities and Exchange Commission (SEC) complained to Binance during the purported sell-off of money.
In a document filed on February 22 with the U.S. Bankruptcy Court for the Southern District of New York, The SEC noted:
“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 over the legality and capability of carrying out the anticipated asset restructure through the acquisition are raised in the filing. It also concerns whether the debtors of Voyager will be able to recover some of their assets when the company declares bankruptcy.