According to on-chain data, Voyager Digital, a CeFi platform that filed bankruptcy in July 2022, is selling its assets on the Coinbase crypto exchange. The data suggests that Voyager received over USD 100 million in USD Coin within a three-day period starting on the 24th of February.
On-chain analyst Lookonchain has alleged that Voyager has been sending cryptocurrency assets to Coinbase almost every day since Valentine’s Day on the 14th of February. Lookonchain’s investigation indicates that Voyager has transferred millions of dollars using various cryptocurrencies, such as Shiba Inu, Ether, and Chainlink.
According to Lookonchain, Voyager has utilized 23 tokens worth more than USD 100 million. However, there has been no response from Coinbase to confirm the legitimacy of these claims, despite Cointelegraph’s request for comment.
Despite the reported sell-off, Voyager still holds almost USD 530 million worth of cryptocurrency, with the largest portions being Ether (USD 276 million) and Shiba Inu (USD 81 million).
Meanwhile, the US Securities and Exchange Commission (SEC) has objected to Binance.US’s plan to acquire over USD 1 billion worth of assets owned by Voyager.
According to a filing made on the 22nd of February to a US-based bankruptcy court, the SEC expressed its doubts. According to the SEC, Binance.US, referred to as the “Debtors,” has not shown the ability to conduct sales in compliance with federal securities laws.
The filing raised concerns about the legality and feasibility of the proposed asset restructuring through the acquisition, as well as the possibility of Voyager’s debtors recovering some of their assets following the company’s bankruptcy.