Voyager's $100 Million USDC Conversion: What's Happening with Their Coinbase Exchange Activity?
Stay up-to-date on the latest developments with Voyager Digital, the centralized finance (CeFi) platform that filed for Chapter 11 bankruptcy. Recent on-chain data indicates significant activity, specifically Voyager Potentially Converting $100 million to USDC Through Exchange, sparking interest and concern within the crypto community.
Voyager Digital and Coinbase: A Deep Dive into the Asset Sales
Voyager Digital, the now bankrupt crypto lender, is under fire after on-chain data suggested it is selling its assets, apart from converting around $100 million to USDC. The activity revolves around the US-based cryptocurrency exchange Coinbase. Per on-chain data shared by Lookonchain, the Voyager team has recently sold digital assets through Coinbase.
$100 Million USDC Conversion: A Closer Look
Reports suggest that Voyager Digital, the CeFi platform that filed for Chapter 11 bankruptcy, has reportedly sold assets through Coinbase and received at least $100 million in USDC. According to the findings of the on-chain investigator, the defunct cryptocurrency lender Voyager transmitted millions of cryptocurrencies via Coinbase and ultimately converted a large portion to the stablecoin. This raises questions about Voyager's strategy and the potential implications for creditors.
Coinbase Transactions Under Scrutiny
Voyager has recently been in the news due to a $445.8 million lawsuit filed against it by bankrupt lending firm. Further fueling speculation, Voyager recently sent another batch of ethereum (ETH), voyager token (VGX) and shiba inu (SHIB) tokens to Coinbase. This activity is being closely monitored by analysts and investors alike.
Implications and Future Outlook
The activity surrounding Voyager Digital, particularly the $100 million USDC conversion via Coinbase, warrants careful consideration. As Voyager navigates its Chapter 11 proceedings, understanding these asset sales is crucial. We will continue to provide updates as this story develops.