On-chain tracking platform Lookonchain claims that Voyager has been sending crypto assets to Coinbase almost daily since February 14. According to data released today, the crypto money company, which filed for bankruptcy, dumped tokens belonging to 23 altcoin projects to Coinbase.
Voyager dumped 23 altcoins on Coinbase, sale continues!
cryptocoin.comVoyager Digital filed for Chapter 11 bankruptcy in July 2022. Now, central finance (CeFi) platform Voyager is reportedly selling assets via the Coinbase crypto exchange. On-chain data shows that Voyager received at least $100 million USD Coin USDC in three days starting February 24.
On-chain analyst Lookonchain claims that Voyager has sent crypto assets to Coinbase almost daily since February 14, Valentine’s Day. The investigation shows that Voyager transferred millions of dollars using a mixed range of cryptocurrency tokens, including Ethereum (ETH), Shiba Inu (SHIB), and Chainlink (LINK).
Meanwhile, Lookonchain revealed that Voyager used tokens belonging to 23 altcoin projects valued at over $100 million. The table below contains a list of tokens with their values in US dollars. However, Coinbase has yet to make a statement to confirm the legitimacy of the claim.
However, despite the sales, Voyager has about $530 million in cryptocurrencies. Also, the largest shares are held in Ethereum ($276 million) and Shiba Inu ($81 million).
SEC objects to Binance.US taking assets from Voyager
Amid the alleged fund sale, the United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to purchase over $1 billion in assets from Voyager. In a February 22 filing filed with the U.S. Bankruptcy Court for the Southern District of New York, the SEC stated:
However, Borrowers (Binance.US) have yet to prove that they can make such sales in accordance with federal securities laws.
The filing highlights concerns over the legality and ability to undertake the planned asset restructuring through acquisition. It also questions whether Voyager debtors will be able to get some of their assets back after the firm’s bankruptcy.
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