TL;DR:
- Voyager Digital, a bankrupt cryptocurrency exchange, has been steadily selling various assets, including Ethereum, Voyager Token, Shiba Inu, and Chainlink.
- The exchange reportedly liquidated $56 million in crypto assets on March 9, with a total of $358.5 million sold in the last six weeks through different platforms.
- Voyager’s USDC balance has increased to $460 million since January, and its crypto liquidations accelerated significantly in March.
On-chain data points to massive liquidations from the bankrupt crypto exchange Voyager. According to on-chain analytics firm Arkham Intelligence, Voyager has sold crypto assets worth $358.5 million in the last six weeks, selling their ERC-20 assets on Binance.US, Coinbase, and direct over-the-counter trades with market maker Wintermute. On March 9, the exchange reportedly liquidated $56 million in Ethereum (ETH), Voyager Token (VGT), Shiba Inu (SHIB), and Chainlink (LINK).
Voyager Digital, founded in 2018, was a cryptocurrency exchange that offered trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The exchange grew in popularity, reaching over 60 digital assets by 2020, and expanded its services into commission-free stock trading in the same year. However, the exchange faced legal troubles and lawsuits, leading to a bankruptcy filing in 2022.
Voyager Digital had an amazing launch with such promise before things collapsed
Since January, Voyager’s USDC balance has increased to $460 million. USDC is a dollar-pegged stablecoin. The firm’s crypto liquidations accelerated significantly in March, with over $138 million moved since the month’s start, compared to a combined $221 million in January and February. The defunct exchange’s wallets still have around $271.5 million in crypto assets poised for liquidation. Analytics portal LookonChain confirmed Arkham’s data showing a similar value left in its Ethereum wallets.
Alongside Voyager’s liquidation, it would appear that regulators are working hard to slow the process. The U.S. Department of Justice (DOJ) challenged a New York court order which allowed Binance.US to acquire the bankrupt crypto exchange Voyager Digital’s assets. The appeal came one day after Judge Michael Wiles ruled in favor of the Voyager-Binance deal against the Securities Exchange Commission’s (SEC) opposition.
1/ #Voyager keeps selling assets!#Voyager sold $56M worth of assets in the past 24 hours, including:
— Lookonchain (@lookonchain) March 9, 2023
– 27,255 $ETH ($42M)
– 11M $VGX ($6.3M)
– 400B $SHIB ($4.4M)
– 160,000 $LINK ($1M)
…
And received 33.7M $USDC from Wintermute Trading, Binance US and Coinbase. pic.twitter.com/kx6BwSg2jl
The defunct exchange’s wallets still have around $271.5 million in crypto assets poised for liquidation. Analytics portal LookonChain confirmed Arkham’s data showing a similar value left in its Ethereum wallets. The ongoing liquidation of Voyager’s crypto assets has raised concerns over the stability of the crypto market, especially after a bearish 2022.
Since the beginning of the year, the cryptocurrency market has been volatile, with prices of major digital currencies like Bitcoin and Ethereum plunging several times. The recent liquidation of Voyager’s assets might have further exacerbated the instability of the market, leading to a decrease in prices.
In conclusion, the liquidation of Voyager’s crypto assets is a significant development in the cryptocurrency market, highlighting the risks involved in the industry. While it remains to be seen how regulators will respond to the ongoing liquidation, it’s clear that the crypto market is still facing challenges that need to be addressed.
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