Voyager Digital Sells Off Major Liquidation Assets While Receiving Millions in USDC

03/10/2023 22:35 • Crypto & Markets • 71 views

It is reported that since March 8, the bankrupt cryptocurrency broker Voyager Digital has received nearly US $86.8 million of USDC and sent nearly US $82.5 million of cryptocurrency tokens to various addresses belonging to the exchange. As of the press release, the three major liquidation assets of Voyager in the past day include approximately US $58.1 million of ETH, US $10.9 million of SHIB and US $7.2 million of Voyager’s own VGX tokens. According to Arkham Intelligence, a blockchain analysis company, the addresses it uses mainly belong to Coinbase, Binance.US and Wintermute. The price of VGX is currently 38 cents, down nearly 32% in the past 24 hours.

Voyager has sold $358.52 million of encryption assets

Analysis based on this information:

The latest report reveals that Voyager Digital, a bankrupt cryptocurrency broker, has received almost US $86.8 million of USDC and transmitted nearly US $82.5 million of various cryptocurrency tokens to exchange addresses. Meanwhile, in the past day, the exchange has sold off its three major liquidation assets, which include approximately US $58.1 million of ETH, US $10.9 million of SHIB, and US $7.2 million of its own VGX tokens. The use of addresses belonging to Coinbase, Binance.US, and Wintermute suggests that these are the exchanges and trading platforms where Voyager Digital sold off its assets.

The rise of cryptocurrency has created a new type of business with digital currency exchanges that facilitate the purchase, sale, and exchange of cryptocurrencies like Bitcoin, Ethereum, and others. Voyager Digital is one such exchange, which made a name for itself by offering commission-free trading and access to over 50 cryptocurrency exchanges worldwide. However, despite all these features, Voyager Digital declared bankruptcy earlier in 2022.

The liquidation of Voyager Digital’s assets provides insight into the company’s financial situation and the reasons for the bankruptcy declaration. These sales suggest that Voyager Digital’s financial troubles may have stemmed from its inability to manage its funds and investments adequately. As a result, the exchange was forced to liquidate major assets, such as ETH and its own VGX tokens, to pay off debts.

Moreover, the fact that Voyager Digital received almost US $86.8 million of USDC, a stablecoin pegged to the US dollar, indicates that the exchange may have sought to stabilize its finances by obtaining funds in a stable currency. Meanwhile, the use of addresses belonging to major cryptocurrency exchanges like Coinbase and Binance.US reflects the integration of the cryptocurrency market as a whole, where exchanges collaborate with one another to move funds and sell digital assets.

In conclusion, it is clear that Voyager Digital’s financial struggles have led to the liquidation of its major assets to pay off debts. The use of USDC and integration with other exchanges suggests that the company’s financial situation may have been fragile for some time. As cryptocurrencies continue to operate outside of the traditional banking system and regulatory oversight, events like the liquidation of Voyager Digital show the importance of understanding the risks and instability that still exist in the world of digital currencies.

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Voyager Digital Sells Off Major Liquidation Assets While Receiving Millions in USDC

Voyager has sold $358.52 million of encryption assets

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