Distressed Crypto Firm Sends 9 Altcoins to Coinbase “Can Sell!” – Cryptokoin.com

Last year, a crypto company that never repaid more than $650 million in debt to bankrupt hedge fund Three Arrows Capital began sending massive amounts of altcoins to its Coinbase wallet.

SHIB, ETH and these 7 altcoins are on the list

On-chain researcher Lookonchain reported in their analysis on Feb. 25 that Voyager, a cryptocurrency brokerage platform, is selling assets through Coinbase. The report highlighted that Voyager has received $100 million USDC from Coinbase in the past three days and has transferred assets to Coinbase almost daily since February 14. Assets transferred include a number of altcoins such as SHIB, ETH, VGX, LINK, OCEAN, UNI, MANA, ENJ and SAND.

According to the report, Voyager currently has approximately $631 million in assets, including ETH, USDC, SHIB, LINK, AVAX, STMX, MANA, FTM and APE. The platform has been sending assets to Coinbase, one of the world’s largest cryptocurrency exchanges, for about two weeks.

The news comes shortly after a $1.02 billion deal proposed by Binance.US to buy the assets of defunct crypto lender Voyager faced opposition from both New York and Federal financial regulators. The regulators argued that the deal could be discriminatory and illegal, citing concerns about the proposed refund of Voyager’s former customers. The US regulator, the SEC, has expressed concern that elements of the proposed deal could violate the law, given how the plan envisions reimbursement of Voyager’s former customers.

The recent activity of Voyager selling assets through Coinbase raises questions about the platform’s finances and reasons for selling assets. Some analysts think Voyager may be selling assets to build liquidity, while others suggest the move could be part of a broader strategy to diversify the platform’s holdings.

Voyager Digital was one of the companies that got into trouble in the Terra crisis.

Toronto-listed Voyager lent $350 million worth of stablecoin USDC, along with 15,250 Bitcoins, to crypto hedge fund Three Arrows, which went bankrupt last year. Three Arrows has been impacted by the wider downturn in the crypto markets that followed the May collapse of Terra stablecoin, in which the fund invested heavily. Celsius Network, another crypto lending institution, stopped withdrawals this month. Voyager was down close to 60% at the time, with more than $650 million in debt stuck in 3AC’s accounts.

cryptocoin.comAs you follow, Voyager had raised funds from Three Arrows Capital, FTX and Alameda prior to these events.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram And YouTube join our channel!

Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.

Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.

Show Disclaimer


source site-3