Voyager Tops Up USD Reserves After Liquidating VGX, SHIB, and ETH

CryptoMode SEC Voyager crypto lender

Voyager Digital, a bankrupt crypto lender, has begun cashing out US dollars that were infused into its coffers by selling various cryptocurrencies, including Shiba Inu, Ether, and the Voyager Token. 

According to on-chain analytics service Lookonchain, Voyager sent $150 million worth of USDC to Circle to eventually redeem for US dollars. This transfer came after quieter Voyager sales over the past three weeks.

Voyager has been selling its assets since February and has received 606 million USDC in the last five weeks. 

However, its holdings of altcoins, such as Shiba Inu and Ethereum, are still significant. As of March 10, Voyager’s addresses still held $151.22 million in ETH, $49.53 million in VGX, and $41.4 million in Shiba Inu.

Since starting its liquidation process of all crypto assets, Voyager has sent a list of 50 different crypto assets to exchanges. The largest were ETH ($181.74 million), SHIB ($67.54 million), and VGX ($28.82 million).

The latest transfers of Voyager must also be viewed in light of the suspended acquisition of the assets by Binance.US. 

Although bankruptcy judge Michael Wiles has given the go-ahead for the $1.3 billion takeover of the assets, the US government is reviewing the deal’s legality. 

A US federal court’s renewed suspension of the deal will give the government more time to review its legality.

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