On-chain data shows that Voyager's assets are on the move amid the company's bankruptcy proceeding.
Around $154.4 million in USDC was transferred to the shuttered exchange's "Voyager 1" Ethereum wallet from Coinbase this month, according to transaction records.
The selloff was noted by web3 analytics firm Arkham Intelligence, which confirmed in a tweet that Voyager has been selling off assets “at a rate of around $100M/week.” It added that the company had “$700M in two very large wallets.”
The Voyager wallets contain $268 million in ETH, $236 million USDC, and another $77 million in SHIB, according to Arkham.
While regulators have objected to to a revamped bid to buy Voyager by Binance.US and said plans by Voyager to sell its crypto may violate securities laws last week, the transfers may be in line with court stipulations. Voyager was previously allowed to liquidate cryptocurrency from customer accounts with a negative USD balances and sweep cash held in third-party exchanges in a court order dated Aug. 5, 2022.
Voyager did not immediately respond to a request for comment from The Block.
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