HomeCryptoVoyager continues the $500 million crypto liquidation

Voyager continues the $500 million crypto liquidation

Voyager continues its $500 million crypto liquidation, waiting to sell an additional $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 victimized by its bankruptcy.

At the moment, it appears that the company has yet to succeed in liquidating $166 million to complete, selling crypto assets including Ethereum (ETH), Shiba Inu (SHIB) and Voyager Token (VGX).

Not only that, Voyager tends to use Coinbase for liquidations, with the vast majority of transactions conducted using new Coinbase deposit addresses. Supporting this theory is the blockchain company Arkham Intelligence.

And indeed, as early as last 9 March, Arkham Intelligence wrote a roundup of tweets describing Voyager’s activities.

According to yesterday’s updates from the blockchain company, it appears that Voyager is $166 million short of completing its entire crypto liquidation.

Voyager: nearly completed its crypto liquidation despite industry crashes

Voyager lost nearly $45 million in value overnight, due in part to the de-peg of the USDC stablecoin.

Last week, the collapse of Silicon Valley Bank caused an outflow on USDC’s $3.9 billion supply, causing the second-largest stablecoin by market capitalization to collapse.

In essence, as Silicon Valley Bank collapsed, USDC’s issuer, Circle, reportedly declared that $3.3 billion of the stablecoin’s reserves remained in the bank. USDC holders panic-sold, many choosing to move their funds into Tether (USDT).

This turmoil also involved Voyager, which, as Arkham Intelligence states, unknowingly would have lost value just as USDC fell below the dollar.

Binance.US’s takeover of the failed crypto-lender

During the past week, US Bankruptcy Judge Michael Wiles also gave his approval to Binance US’s proposed $1.3 billion restructuring plan to acquire 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 around.

It is worth mentioning that Voyager could still walk away from the deal, taking a maximum of four weeks to review Binance US’s commitment to the agreement.

Under the terms of the agreement, users can already receive their first refunds this current month, March. However, customers in Hawaii, New York, Texas, and Vermont will have to wait longer due to bureaucracy.


Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.