Exploring Cryptocurrency and Beyond

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Recent on-chain data points to major liquidations coming from insolvent crypto exchange Voyager.

On March 9, the trading platform reportedly sold off a total of $56 million in Ethereum (ETH), Voyager Token (VGT), Shiba Inu (SHIB), and Chainlink (LINK).

According to Arkham Intelligence, Voyager has liquidated crypto assets worth $358.5 million in the last six weeks, executing their ERC-20 assets on Binance.US, Coinbase, and direct over-the-counter trades with market maker Wintermute.

Since January, Voyager’s USDC balance has expanded to $460 million. USDC is a dollar-pegged stablecoin.

In March, the firm’s crypto liquidations spiked dramatically, with over $138 million released, compared to $221 million in January and February.

The defunct exchange’s wallets still hold around $271.5 million in crypto assets that are expected to be liquidated. Analytics portal, LookonChain, confirmed Arkham’s data showing a similar amount left in its Ethereum wallets.

In addition, it appears that regulators are doing their best to impede the process.

Binance.US acquisition faces challenge

The U.S. Department of Justice (DOJ) has challenged a New York court order which approved Binance.US to purchase the assets of bankrupt crypto exchange Voyager Digital. The appeal came a day after Judge Michael Wiles decided in favor of the Voyager-Binance agreement against the Securities Exchange Commission’s (SEC) opposition.

Voyager filed for bankruptcy last summer together with a slew of other crypto firms. FTX was the initial winner of the bid to acquire the defunct firm’s assets.

After the exchange’s collapse, Voyager’s lawyers said at a hearing that there would “be no transaction with FTX, I think that is quite obvious.”

In December last year, Binance.US emerged as the ultimate victor of the bid.

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