The platform, which even the FTX exchange wanted to take over, is currently selling its cryptocurrency holdings. The news comes just after Binance US was ordered to seize its assets. Meanwhile, the U.S. market regulator is casting doubt on the voyager.
Crypto lending platform Voyager sells
In recent weeks, there have been reports of massive liquidations of cryptocurrencies from the well-known lender Voyager. According to on-chain data, the platform sold assets worth $358.5 million. This was thought to have taken place from late January until now. The assets are traded mainly on Binance US and Coinbase, as well as in direct transactions with market maker Wintermute.
In March, the value of liquidated assets amounted to more than $138 million, a significant increase from the total of $221 million in January and February. The portfolios of the now-defunct Voyager exchange still hold some $271.5 million in cryptocurrency assets ready to be dumped on the market.
Binance with a verdict
Voyager Digital, a crypto lending company, has finally found a buyer for its assets after being left in the lurch by bankrupt crypto exchange FTX. That in turn declared bankruptcy in November 2022. According to reports, Binance US, the U.S. arm of the world’s largest crypto exchange, Binance, has received bankruptcy court approval to acquire assets belonging to Voyager Digital.
As reported by Bloomberg news agency, the deal, worth $1.3 billion, was approved by bankruptcy judge Michael Wiles, on March 7. He backed the restructuring plan presented by Voyager Digital at the hearing, held in New York. Still, the crypto lender faces obstacles preventing the deal from closing.
This is not the end of the fight for Voyager
The U.S. Department of Justice has challenged a New York court order that allowed Binance US to acquire the assets of Voyager Digital. The Securities and Exchange Commission opposed the move, which had been approved by a final judgment only moments earlier.
Despite these events, Voyager’s USDC balance continues to grow and now stands at $460 million. This shows that the company is hopeful for the future, despite facing the difficulties of bankruptcy and being taken over by another entity.
Thus, there are many indications that the battle for the giant’s assets may still be some time away.