Voyager continues the million crypto liquidation – The Cryptonomist
Voyager continues its $500 million crypto liquidation, and expects to sell another $166 million in cryptocurrencies including ETH, SHIB, and VGX.
Voyager and the $500 million crypto liquidation to be completed
Crypto lender Voyager continues its $500 million crypto liquidation to compensate customers who are exposed to the bankruptcy.
At the moment, it appears that the company has yet to successfully liquidate $166 million to completesale of crypto assets included Ethereum (ETH), Shiba Inu (SHIB) and Voyager Token (VGX).
Not only that, Voyager tends to do use Coinbase for liquidations, with the vast majority of transactions made using new Coinbase deposit addresses. Supporting this theory is the blockchain company Arkham Intelligence.
And indeed, as early as March 9, Arkham Intelligence wrote a summary of tweets describing Voyager’s activities.
What does Voyager have left to sell?
Voyager has about $760 million worth of assets remaining – with the vast majority already converted to USDC.
Their addresses still hold:
$151.22 million in ETH
$49.53 million in VGX
41.4 million dollars in SHIB pic.twitter.com/nPfW5iXp7i— Arkham (@ArkhamIntel) March 9, 2023
According to yesterday’s updates from the blockchain company, Voyager appears to be $166 million short of completing the entire crypto liquidation.
Voyager: nearly completed its crypto liquidation despite industry crash
Voyager lost nearly $45 million in value overnightpartly due to the untying of the USDC stablecoin.
Voyager has been an unsuspecting victim of USDC depegging today:
In the midst of their liquidation into stablecoins, the former crypto lender found itself losing nearly $45 million in value overnight. pic.twitter.com/E8DQmApEgn
— Arkham (@ArkhamIntel) March 11, 2023
Last week, the collapse of Silicon Valley Bank caused an outflow of USDC supply of $3.9 billioncausing the second largest stablecoin by market cap to collapse.
Essentially, when Silicon Valley Bank collapsed, USDC’s issuer, Circle, declared that $3.3 billion of the stablecoin’s reserves remained in the bank. USDC holders panic-soldmany who choose to move their money to Tether (USDT).
This turmoil also involved Voyagerwhich, as Arkham Intelligence states, would have unknowingly lost value just as the USDC fell below the dollar.
Binance.US’ takeover of the failed crypto lender
In the past week, U.S. Bankruptcy Judge Michael Wiles also gave his approval to Binance US’s proposed $1.3 billion restructuring plan to buy Voyager.
With a cash payment of $20 million, Binance US acquired Voyager, which can now transfer its customers and crypto assets to the US version of the most popular crypto exchange.
It is worth mentioning Voyager could still walk away from the dealit takes a maximum of four weeks to review Binance US’s commitment to the agreement.
According to the terms of the agreement, users can already receive their first refund this current month, March. However, customers in Hawaii, New York, Texas and Vermont will have to wait longer due to red tape.
