2022 bankruptcy crypto lending platforms Voyager and Celsius are slowly working to bring customers together. As part of this effort, altcoins in the hands of companies may soon be dumped into the market.
Celsius kicks off conversion for holdings altcoins in July
Notorious companies Celsius and Voyager have received court permission to start exchanging their holdings of cryptocurrencies. However, Voyager has not made any sales so far. The company announced in the past weeks that it will convert its altcoins into BTC and ETH as of July 1.
Celsius had around $600 million in cryptocurrencies at the time, according to Arkham Intelligence. About 70% of these funds were already BTC and ETH. Other tokens (excluding stablecoins) are about $162 million.
As of Tuesday morning, Celsius has not carried any crypto. The firm, which was previously headquartered in Hoboken, last mixed cryptocurrencies three weeks ago. It sent 17.3 million MATIC, which was worth $11.3 million at the time, to the Polygon staking contract.
Voyager shrinks its crypto portfolio by 25%
Voyager has opened customer withdrawals for a month starting June 23, almost a year after it suspended operations before filing for bankruptcy a week later. Arkham data shows that Voyager’s property controlled approximately $413 million in crypto the day before it opened withdrawals last month.
A steady stream of output has since reduced that figure to $307.5 million. While the prices of cryptocurrencies in its portfolio have risen almost overall, that’s a 25% drop. The total value of all outlets at current prices is $134 million.
The spike in on-traitor activity did indeed coincide with Voyager enabling withdrawals. The company is currently not giving clear details about its selling policy for altcoins. In any case, USDC, BTC, ETH and SHIB represent the bulk of Voyager exits to date, with $52 million, $38.2 million, 1.7 million and $1.7 million respectively.
Voyager’s downfall
At its peak, Voyager Digital had $5.9 billion in assets with 3.5 million users. Ninety-seven percent of their customers have saved less than $10,000 on the platform. This indicated a broad individual investor base.
Voyager partially cut back on loans when the crypto winter began in early 2022. Thus, the counterparty acted quickly to hedge its risk by mitigating its risk. He worked hard to guard against Terra’s devastating May collapse. However, things took a turn for the worse in June. Industry-wide loans were “in danger” of default by hedge fund Three Arrows Capital. His own “huge” bets on LUNA had turned into a black hole of loss.
cryptocoin.comAs you follow, the altcoins that Voyager opened to transactions within the scope of refunds are having a hard time due to sales pressure.
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