Terra (Luna) sinking in crisis cryptocurrency company Voyager sold a large amount of altcoins earlier today and received stablecoin USDC.
Failed Cryptocurrency Company Voyager Continues Loaded Altcoin Sales
Analyzing the on-chain data, it is seen that Voyager sold 1,449 Ethereum for 2.25 million USDC. The company’s average selling price for Ethereum was $1,552. The company used the Wintermute platform for sales.
The company currently has the following altcoins:
– 148,774 ETH ($233.5 million)
– 5.17 trillion SHIB ($57.78 million)
– 1.44 million LINK (10 million dollars)
– 1.17 billion STMX ($7.3 million)
– 411,052 AVAX ($6.7 million)
Cryptocurrency lenders like Voyager have exploded in the COVID-19 pandemic, attracting depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the collapse in the crypto markets, triggered by the fall of two major tokens in May, took its toll on credit institutions.
Crypto company 3AC also filed for Chapter 15 bankruptcy later that same week, allowing foreign borrowers to protect US assets, making it one of the largest investors affected by the drop in crypto prices.
Voyager estimated that it had more than 100,000 creditors and between $1 billion and $10 billion in assets and liabilities of the same value in its Chapter 11 bankruptcy filing.
Chapter 11 bankruptcy procedures suspend all civil litigation and allow companies to prepare restructuring plans while operating.
*Not investment advice.
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