Bankrupt crypto lender Voyager Digital is preparing to sell its assets to Binance.US. Before this agreement, the platform; It sells crypto assets such as Ethereum (ETH), Shiba Inu (SHIB), Chainlink (LINK), and Voyager Token (VGX). Here are the details…
Big coin sale from Voyager, whose Binance deal was accepted
Bankrupt cryptocurrency company Voyager has sold a significant amount of cryptocurrencies in the past 24 hours after its acquisition by Binance.US was approved by the court. Cryptocurrency wallet addresses linked to bankrupt crypto company Voyager have sold $56 million worth of assets in the last 24 hours, according to data from Lookonchain. Assets sold include 27,255 ETH ($42 million), 11 million VGX ($6.3 million), 400 billion SHIB ($4.4 million), 160,000 LINK ($1 million), as well as other tokens such as COMP, SUSHI and MRK. Also Voyager; Market maker Wintermute received $33.7 million USDC from Binance.US and Coinbase.
Currently, Voyager holds $757.8 million in cryptocurrencies, mostly in stablecoin USDC, ETH, and its own VGX token. In February, the company repeatedly sold cryptocurrencies on various US crypto exchanges to bring in USDC with an estimated value of $105 million. The company has not yet made an official statement about these transactions. But to many, this is likely to be an attempt to stabilize the value of assets to compensate for investors whose assets have been stranded on the platform since July 2022.
How will Voyager compensate users?
On March 8, a New York court approved Binance’s continued purchase of Voyager for $1 billion, despite opposition from the SEC and New York regulators. The judge ruled that the Binance.US settlement provided more benefits to the affected Voyager creditors. Once the court gives final approval, Binance will buy Voyager. However, Voyager must decide to close the deal or liquidate the assets to return the money to Voyager customers.
The Binance.US deal will help clients recover 73 percent of their crypto holdings before bankruptcy. The judge also ruled that no US institution would oppose the issuance of a planned bankruptcy token by Voyager. Voyager and Binance.US may soon announce a compensation process for investors that will require Voyager users to open a trading account with Binance.US to redeem their assets. cryptocoin.com As we reported, FTX previously made such a recommendation when it reached an agreement to acquire Voyager.
This latest news highlights the potential risks of investing in cryptocurrency and the importance of doing thorough research before making any investment decisions. It also raises concerns about the safety and security of cryptocurrency exchanges and the need for regulatory oversight to protect investors. Some believe that the recent sale of crypto assets by Voyager was part of the court order and that Voyager will reimburse customers the money.
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