Data from the blockchain indicates that the recently bankrupt exchange Voyager initiated a mass liquidation of funds on March 9. The total amount amounted to $56 million and included Ethereum (ETH), Voyager Token (VGT), Shiba Inu (SHIB), and Chainlink (LINK).
According to Arkham Intelligence, a provider of on-chain analytics, Voyager has sold crypto assets worth $358.5 million during the past six weeks. These assets included ERC-20 tokens traded on Binance.US, Coinbase, and directly through over-the-counter trades facilitated by market maker Wintermute.
Since January, Voyager’s USDC balance has surged to $460 million. USDC is a dollar-backed stablecoin that has become increasingly popular among crypto traders and investors. Last month saw an accelerated pace of liquidations from the defunct exchange, with over $138 million in crypto assets moved since March 1, compared to a total of $221 million for January and February.
Voyager’s wallets still hold around $271.5 million in crypto assets poised for liquidation. Data from the analytics portal LookonChain corroborates Arkham’s figures, showing the same value remaining in its Ethereum wallets. While these liquidations continue, regulators seem to attempt to slow the process.
Cryptopolitan reported that The U.S. Department of Justice (DOJ) had filed an appeal to challenge a bankruptcy judge’s approval of Binance.US’s proposed acquisition of Voyager Digital assets. This occurred just one day after a four-day marathon hearing in which Judge Michael Wiles gave his go-ahead for the deal. However, the Securities and Exchange Commission (SEC) and several state regulators have raised their opposition to the acquisition, citing violations of federal securities laws potentially stemming from Binance.US operating an unregistered U.S.-based securities exchange.