Last year, a crypto company that never repaid more than $650 million in debt to bankrupt hedge fund Three Arrows Capital began sending massive amounts of altcoins to its Coinbase wallet.
SHIB, ETH and these 7 altcoins are on the list
On-chain researcher Lookonchain reported in their analysis on Feb. 25 that Voyager, a cryptocurrency brokerage platform, is selling assets through Coinbase. The report highlighted that Voyager has received $100 million USDC from Coinbase in the past three days and has transferred assets to Coinbase almost daily since February 14. Assets transferred include a number of altcoins such as SHIB, ETH, VGX, LINK, OCEAN, UNI, MANA, ENJ and SAND.
According to the report, Voyager currently has approximately $631 million in assets, including ETH, USDC, SHIB, LINK, AVAX, STMX, MANA, FTM and APE. The platform has been sending assets to Coinbase, one of the world’s largest cryptocurrency exchanges, for about two weeks.
1/ It seems that #Voyager is selling assets through #Coinbase.
We noticed that #Voyager has received 100M $ USDC from #Coinbase in the past 3 days.
And #Voyager has sent assets to #Coinbase almost every day from Feb 14.https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk
— Lookonchain (@lookonchain) February 26, 2023
The news comes shortly after a $1.02 billion deal proposed by Binance.US to buy the assets of defunct crypto lender Voyager faced opposition from both New York and Federal financial regulators. The regulators argued that the deal could be discriminatory and illegal, citing concerns about the proposed refund of Voyager’s former customers. The US regulator, the SEC, has expressed concern that elements of the proposed deal could violate the law, given how the plan envisions reimbursement of Voyager’s former customers.
The recent activity of Voyager selling assets through Coinbase raises questions about the platform’s finances and reasons for selling assets. Some analysts think Voyager may be selling assets to build liquidity, while others suggest the move could be part of a broader strategy to diversify the platform’s holdings.
Voyager Digital was one of the companies that got into trouble in the Terra crisis.
Toronto-listed Voyager lent $350 million worth of stablecoin USDC, along with 15,250 Bitcoins, to crypto hedge fund Three Arrows, which went bankrupt last year. Three Arrows has been impacted by the wider downturn in the crypto markets that followed the May collapse of Terra stablecoin, in which the fund invested heavily. Celsius Network, another crypto lending institution, stopped withdrawals this month. Voyager was down close to 60% at the time, with more than $650 million in debt stuck in 3AC’s accounts.
cryptocoin.comAs you follow, Voyager had raised funds from Three Arrows Capital, FTX and Alameda prior to these events.
