Voyager Liquidates another $56 Million in Crypto Holdings
According to on-chain data, Voyager Digital, the now-defunct crypto brokerage, has liquidated yet another massive amount of its crypto holdings.
Reports indicated that around $56 million was liquidated by the crypto exchange on March 9th, which included Chainlink (LINK), Shiba Inu (SHIB), Voyager Token (VGT) and Ethereum (ETH).
The data
Arkham Intelligence, the on-chain analytics firm, revealed that in the last six weeks, the total value of crypto tokens that Voyager has sold stand at about $358.5 million.
These ERC-20 tokens mentioned earlier were sold on Coinbase and Binance.US exchanges, along with direct over-the-counter trades with Wintermute.
However, there has been a rise in Voyager’s balance of USDC stablecoins since January, as its holdings of the dollar-pegged token have reached $460 million since then.
The liquidations
In March, the company significantly accelerated its crypto liquidations, as it has already moved a total of $138 million since the beginning of the month.
In comparison, its combined sales in the month of January and February were $221 million. But, there are still crypto holdings worth $271.5 million in the wallets of the defunct platform, which are ready for liquidation.
While Voyager is liquidating its assets, it appears that the regulators are trying to slow down the process.
Binance.US acquisition
According to a New York court order, the Binance.US crypto exchange could acquire the assets of Voyager Digital, but it was challenged by the US Department of Justice (DOJ).
The appeal came a day after a ruling in favor of the deal between Binance and Voyager against the opposition of the Securities and Exchange Commission (SEC).
Previously, it was FTX that had won the bid for acquiring the assets of the company after it filed for bankruptcy last year.
However, FTX itself collapsed in November and Binance.US had them emerged as the ultimate winner in December.
Nonetheless, there have been a significant amount of hurdles and this only means that the liquidation process of the bankrupt crypto broker is slowing down.
Meanwhile, Voyager has kept busy and continued to sell off its crypto holdings for fiat in order to speed up its liquidation.
