Voyager Digital sent around $121m in crypto assets to exchanges, received $150m in USDC

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Voyager Digital, an embattled crypto brokerage, recently started selling off its digital asset holdings on a number of exchanges. According to Arkham Intelligence, Voyager was selling assets at a rate of $100 million per week, and it currently holds nearly $700 million in two wallets.

Arkham data also shows that Voyger has transferred at least $54 million in crypto to Coinbase and Binance.US in the last week, likely in order to sell the assets. The transferred assets consist of around $24.7 million in ETH, another $12.2 million in SHIB, and approximately $2.5 million in LINK, all in the last seven days.

Since the start of February, the broker deposited a total of $121 million in crypto to multiple exchanges. However, the data also indicates that the platform received $150 million in USDC from Coinbase in return. This tok place over the last four days, and the funds likely came from crypto sales that the platform has been making.

How much crypto does Voyager hold?

Previously, Voyager filed for Chapter 11 bankruptcy protection in July 2022, and at that point, the platform halted all trading. The platform also agreed to allow Binance.US to purchase it after an auction, as part of the court proceedings. However, both federal and state regulators in the US have been concerned about this deal, particularly when it comes to the US SEC, who believes that the acquisition might be a part of the plan to shed responsibility.

As a result, the SEC started probing Voyager and its VGX token, seeking to determine whether it should be classified as an unregistered security.

Another thing worth noting is that Voyager’s recent maneuver might be foreshadowing the upcoming selling pressure for assets that are among its largest holdings, specifically Ethereum and Shiba Inu.

Furthermore, Arkham data indicates that Voyager’s largest crypto holdings that include non-stablecoins are in ETH. The platform supposedly has 166,223 Ethereum coins, which is worth around $271 million at the moment. As for Shiba Inu, the platform is believed to have 6.2 trillion SHIB, or around $77 million in this token.

Next, it owns 148.4 million of its own VGX token, which is currently valued at around $63 million. The platform has other assets, like $13 million in Chainlink’s LINK, $5.5 million in Fantom (FTM), and $5 million in Bored Ape’s APE tokens. Across all of its addresses, Voyager Digital is believed to have a total of $697 million in cryptocurrencies, which now also includes $236 million in Circle’s USDC stablecoin.

Related

  • FTX exchange pays $1.4b to buy bankrupt Voyager Digital
  • Voyager Token Price Prediction as VGX Surges on This Update
  • FTC investigates Voyager over deceptive crypto marketing

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