Arkham Intelligence has revealed that Voyager Digital has been selling off large amounts of its crypto holdings on a weekly basis. The company filed for bankruptcy last July.
Voyager Digital, one of the countless victims of Three Arrows Capital (3AC) and associates of Sam Bankman-Fried’s FTX has reportedly resorted to dumping massive amounts of its digital assets holdings on the market on a weekly basis.
Per a tweet by Arkham Intelligence, a blockchain analytics platform, the embattled crypto broker has been selling off at least $100 million worth of its $700 million altcoin portfolio which includes ETH, USDC, and SHIB.
As reported by crypto.news on Feb. 20, Voyager sent $7.6 million worth of altcoins to centralized exchanges, with Coinbase receiving 2,500 ETH and 250 billion SHIB tokens.
The crypto winter of 2022, which saw the price of bitcoin (BTC) and other cryptocurrencies crumble by more than 70 percent, made it impossible for market participants without strong financial controls to kick the bucket.
Coupled with the market downturn plus heavy exposure to Su Zhu’s now-defunct Three Arrows Capital, Voyager filed for Chapter 11 bankruptcy in July 2022, with a debt profile of between $1 to $10 billion.
Last January, Binance US’ $1 billion bid for the Voyager acquisition was approved by US bankruptcy court’s judge Michael Wiles. However, the deal is still hanging in the balance as US authorities are yet to conclude investigations.
Source: https://crypto.news/voyager-found-dumping-its-eth-usdc-and-shib-each-week/