On-chain data suggests that bankrupt crypto lender Voyager has been sending assets to Coinbase on a daily basis.
In a series of tweets on Feb. 26, blockchain wallet tracker Lookonchain found that Voyager received $100 million worth of stablecoin USDC from Coinbase in the last three days.
2/ Here are the assets transferred from #Voyager to #Coinbase since Feb 14.
– 2.24T $SHIB($28M)
– 15,635 $ETH($25M)
– 28.5M $VGX($12.85M)
– 640K $LINK($4.74M)
– 7.75M $OCEAN($3M)
– 350K $UNI($2.28M)
– 3.26M $MANA($2.15M)
– 4M $ENJ($1.88M)
– 2.3M $SAND($1.64M)
… pic.twitter.com/II2FW2oGk9— Lookonchain (@lookonchain) February 26, 2023
Since Feb. 14, on-chain data shows that Voyager transferred assets to the U.S.-based crypto exchange nearly every day. Meme-coin Shiba Inu (SHIB) makes up the majority of these asset transfers, with $28 million worth of SHIB sent on-chain. Voyager’s Ethereum (ETH) transfers came in a close second, with $25 million worth of ETH sent to Coinbase.
Lookonchain’s investigation estimates that Voyager still holds $631 million worth of cryptocurrency, of which $276 million sits in ETH.
Some members of the crypto community believe that Voyager’s asset sale contributed to the downward pressure on the market over the last few days.
“Reckon this ongoing sale is one of the last few big casualties of contagion to be finished off,” tweeted Andrew Kang, co-founder of Mechanism Capital.
Binance.US was set to acquire Voyager’s crypto assets in a $1 billion deal that, until recently, looked like it was moving forward. However, the U.S. Securities and Exchange Commission (SEC), along with the Federal Trade Commission (FTC) and Texas’ State Securities Board, have opposed the proposed buyout.
“Any bankruptcy judge would like to approve a plan that attracts 97% support from creditors. But, when you have government regulators coming in at the last minute to argue that aspects of the deal may be illegal—that’s quite a show stopper,” James Murphy, a securities lawyer, told Forbes earlier this week.
